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I am running a small test on this theory at the moment. One site was hit around 14th Jan. I have secured some high authority links to the page affected which would more than replace those that could have been devalued. The results so far is that the rankings have nose-dived further. At the moment it is a test and has only been running for 2 weeks and I will continue to run it for at least 2 more weeks but so far it is very odd.