Planet13 - 1:47 pm on Jun 6, 2012 (gmt 0)
Has anyone been through this process before and gotten your rankings back? (pre or post penguin?)
Matt Cutts touches a bit upon what to do in this interview:
He alluded to some sites removing 90% of their inbound spam links and scanning emails or letters that webmasters have sent requesting link removals.
He also implied that one reason they are punishing link sellers (and possibly buyers) instead of just ignoring link spam is because they want to stop people being hurt by wasting their money buying links.