seoskunk - 9:25 pm on Nov 14, 2012 (gmt 0)
I have a site with very similar circumstances. It had been mass spammed seo and just like you say we removed maybe 70% of links and disavowed another 950 domains. As yet I haven't heard back but your story sounds very ominous indeed.
Could google be penalising for links not shown in WMT?