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So,time for penalties have any connections with PR update time ?I do not think so.
Probably they are erasing some penalties to give a chance for "collateral damages" websites ? This will be a good thing.
My guess (based on translating Mattspeak) is that it's no accident that the two were mentioned together when usually there's no advance notice of TB updates.
Someone's got something up their sleeve if there was a point made of announcing this in advance.
but there might be some penalties that do have something to do with displayed TBPR
yeah... TBPR penalties [webmasterworld.com]
seems that the system got rid of signals that showed a lot of false positives.
'penalties' will be lifted where TBPR was lowered even though the site was clean.
I've seen this during the last TBPR update on many pages ( including on some of my own ).
The timing makes sense. if you're paranoid you don't want people reverse-engineering the script, better 'lift' the 'penalties' while scores for all pages are on the move anyway. if you're not paranoid just lazy, you simply won't bother exporting the revised data anytime sooner.
my pages never ranked lower even while being 'penalized'
So to those with high hopes: don't expect much even if you get your green back.
you've been ranking according to your real PageRank all along.