Boy, I'll probably catch heck for this one -
If a rocket is coming down slowly under parachute, and are within arms reach - I might try to catch it, by the shock cord or parachute lines.
If I'm at the schoolyard I might catch one out of five launched in a session.
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I wouldn't do this at a club launch, there you wait until all rockets on a rack are launched and you get the "Okay" to recover your models from the RSO. But - If I'm by myself and it's a slow descending rocket under a parachute - I might try to catch it before it hits the ground and breaks off a fin.
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Look at our history -
All these photos are taken from older Estes and Centuri catalogs. At the time, these pictures implied it was okay.
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That was before engine hooks with finger tabs! Those extended finger tabs could hit you in the hand a draw blood! Some of these pictures are before thin plastic fin units that could cut your hand.
These pictures were in catalogs up to the mid 1980s. Model Rocket manufacturers don't need angry letters or lawsuits.
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It comes down to common sense.
My model rockets are on the smaller end of the spectrum - lightweight, low power and under two feet tall. I'm an adult, I remove finger tabs. I wouldn't think of catching a 1/100th Saturn V, a six foot tall Mean Machine or a spinning recovery rocket.
"Hey Chris, catch that booster as it tumbles in!" - NO.
If anybody were watching, it'd be funny seeing a 63 year old man dodging and weaving to get underneath a rocket under parachute.