Robert_Charlton - 10:25 am on Nov 4, 2012 (gmt 0)
Another option for you, as I suggest with that domain purchase, might be heavy use of the disavow tool.
PS: Just rethought this with regard to the domain purchase, since that would be a pre-emptive use of the tool, not a use in reaction to an algorithmic Penguin penalty. That's not what the tool is intended for.
Conceivably, the tool might be useful in your case, since I gather you do have a Penguin algorithmic demotion.