This happened back in the fall of 2011. Since then we had Felix jump from a balloon that reached an altitude just a little higher than this rocket at 124,000 feet. The balloon took two hours to reach that altitude, the rocket took a minute and a half.
This is a dumb rocket, it has no provisions for steering or course correction. All the electronics in the nose cone are simply recording instruments. You point it in the direction you want it to go, light the fuse, and get away.
Since they were going for high altitude, and they were using a metal rocket, they must of had a special dispensation from the Pope, otherwise I suspect DoD would have been down on them like a ton of bricks.
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