As I understand it, the redemption period is a 30 day period, after the domain registration has lapsed, when only the original registrant can re-register the domain. If the original registrant fails to re-register the domain during this period, it goes into a 5 day 'pending delete' period, during this period no-one can register the domain. After 5 days the domain returns to the public pool and is available for registration.
In short; You may still obtain the domain you want, but it will require some patience and a lot of luck.
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