No it isn't. Plenty other teams (Premiership to SPL to First Division) have alreay secured loan deals. I'd say managers (ours in particular as loans in this climate are now our main 'stars' and we can't be too picky) would want to put their squad together as quickly as possible to help them gel before the competitve domestic matches start. I'd imagine Brown meant Clubs won't swoop for Reynolds till near the window closes due to not him not being as high profile as he was and clubs who can sign him have enough money to see if they can get better for the same cash or cheaper.
When Reynolds had a bit more of a higher profile (after season 2007-2008), Walter Smith tried to sign him almost straight after the season had finished. Those days have sadly gone. It would appear some people believe he hasn't progressed as he should have in those two years. Hindsight is a science and all that but maybe we should have sold him to Rangers for £1,000,000 when that offer came in. My guess is that the club expected him to progress more and by this stage we would be looking at bids above the amount Rangers offered. Some you win, some you lose.
He'll get his move. It either won't be to as an attractive a club as he hoped or it won't be for as much as we hoped. Could even be both but I'd suggest we the club will take the hit.