What does Redemption Status mean for a domain name?
Redemption status is frequently the point of no return for a domain name.
Once a domain name has expired, the owner of the domain can usually renew their domain name within 45 days following the expiration date (your mileage may vary).
After 45 days, plus or minus a random 5 days (I know crazy isn't it...), the domain name is moved into the all so appropriately named "Redemption Grace period."
Once a domain name is marked as being in "Redemption," the registrar "may" sell the name back to the owner for a fee (usually $250'ish).
Five days following the end of the 30 day redemption period, in theory, the domain will become available to the public for for re-registration.
The reality is registrars handle redemption period in different ways. What ICANN says should happen rarely does in the Registrar World where real money is concerned...
It's most likely the Registrar will simply "buy" the domain name internally and move it over to one of their affiliate auction sites, who will then auction the domain name to the highest bidder.
Yes, sorry to say, once a domain moves into Redemption status it's usually the end of that domain name's lifespan (until "The Man" buys the domain for some ungodly price most mere mortals would shudder to consider).
Moral of this story: "Don't let your domain name get anywhere near the expiration date before renewing..."