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Great...thanks Sean for the response.  Just what I was looking for.

No.  You have to avoid redirecting to the new domain.  If you do, the bad link juice will follow you. I know for sure that's the case with the "unnatural link warnings" that Google has been sending out.  I have no evidence its the same with Penugin, but it is very likely to be so. Some people suggest using multiple redirects with multiple hops, but I have no experience with that.