Planet13 - 7:57 pm on Aug 15, 2013 (gmt 0)
"Traffic wise the site is hurting big time across all search engines."
Firstly, I would check and find out what the traffic drop patterns look like. do they coincide with Panda? With Penguin? Both? Some other algo change?
Secondly, you are probably going to have to do a better analysis of the links.
- nofollow links can be ignored.
- crappy scraper sites (like the kind that scrape google search results or wikipedia pages) can probably be ignored (or make low priority).
- Figure out which links, if they were pointing to your competitors instead of you, would you think were "unfair" and that your competitors were gaming the system?