Apologies about the encrypted message before.
I've been documenting my progress weekly at my blog . I'll give an overview of the work done.
So far, me and Richard have created a new Django app mm-rest , which is the base of the new REST API, modified Postorius to use the app's models, which will communicate with MM-Core to get the data and expose it via Django-Rest-Framework.
The approach we have been taking is to have mm-rest mirror the models exposed by the MM-Core alongside adding any of its own modifications. This makes it easy to integrate Django and any extensions/libraries for the API models. This also lets mm-rest handle the primary User model and any authentication/authorization that goes along with it.
The design choices have been outlined in this  document.
Postorius code has also been modified  to use these models instead of MM-client. This lets Postorius do its essential jobs even if there is no available connection to the Core.
The issue that we have been working on right now is syncing. Changes b/w the Local mm-rest database and core database need to be properly synced. The data in mm-rest essentially acts like a cache for the core, so there needs to be proper integration how long that data is there for (expiration time etc), and how do we handle situations where the core database is modified without any knowledge to the local one.
That's about it for now.
 http://manishgill.blogspot.in/  https://launchpad.net/mm-rest  http://bazaar.launchpad.net/~mgill25/mm-rest/trunk/view/head:/website/public...  https://code.launchpad.net/~mgill25/postorius/m-trunk/+merge/175549