proboscis - 4:43 pm on Oct 15, 2012 (gmt 0)
I had a site hit by panda and also penalized with unnatural linking. (Are you sure you have panda too?) I had exchanged links, lots of them. I tried to have as many removed as I could, documented it and sent a reconsideration request.
The penalty was removed sort of, I rank for my domain now and traffic came back a little but the site is still pandalized and/or partially penalized.
If you have an unnatural backlinks penalty you can have it removed just go over all your links and try to remove as many as you can and let them know the circumstances surround ing the links you can't have removed. Use something in addition to WMT because you can't see all your links there.
I also went over my site when it was hit by the first round of panda, I did everything I could and I have other sites that thrived in panda but this one...I don't know. I still have the site but I ultimately decided to just work on other things.