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Most likely due to a drastic change in employment conditions. If your state has partial unemployment you could use that as well. I'd probably go with the full unemployment if you don't think you'll ever get back to full pay.
Update -- In essence you were laid off by your old company and given the chance to work for half the rate for a new company. That's not being fired. Given the low ball payrate, that qualifies as a drastic change in employment conditions to which you could collect full unemployment.
Anonymous
People saying you cannot get unemployment if you quit are VERY wrong. You can get unemployment after voluntarily leaving employment if there is good cause for you to do so. A substantial reduction in pay below that you were promised when taking a job is generally good cause to leave employment. You may have to show that you advised your employer that you would leave if your pay was not restored.
There is a discussion of this here (it is from Texas, but the law is the same nationwide):
http://www.twc.state.tx.us/news/efte/ui_law_the_claim_and_appeal_process.html
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You'll get no unemployment if you quit.
Barrels
What about partial unemployment then?
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No unemployment if you quit, no.