diberry - 10:34 pm on Nov 14, 2012 (gmt 0)

Could google be penalising for links not shown in WMT?

That's one possibility, and if so, that makes it nearly impossible for the webmaster to fix.

Another possibility is that disavow takes a while to work. I mean, you'd think the next time the bot drops by, it would pick up that list, but maybe that's followed by a manual review or something.

Totalodds, what are you seeing in the WMT account? Is it still showing links that you removed or disavowed?

The only other thing I can think of is if some of the webmasters put your links back up after removing them, but that would be a pretty weird thing to do.