In the redemption period the registrar takes over the domainname, and the customer gets a chance to get the domain back.
The Redemption Period is of 30 days (for most domain name extensions) after the domain name is deleted and during this period, only the current Registrar of the domain name can Redeem the domain name.
If the domain name is not Redeemed during this period, then it would move to the Pending Delete period for 5 days. In this status, the domain name can not be Redeemed and after this period, the domain name would be available for fresh Registration.
This means in real world that one of the companies involved with dropped names get it.
So if you really are interested in the domainname, then backorder it in Snapnames, Pool and NameJet, this way your chance to get it increase.
Good luck and Best regards,