Short answers, pulled from the story.
The project began with the acronym Man Out Of Space Easiest. Engineers later changed the title to Manned Orbital Operations Safety Equipment for government contracts and public relations.
An ablative heat shield covered the back of the flexible bag while foam insulation protected the user inside. Aerobraking occurred as the foam-filled bag entered the atmosphere and air became sufficiently dense at 10 miles altitude for parachute deployment.
By the end of the 1960s the program had been quietly shelved after NASA never expressed interest and the U.S. Air Force declined to fund it further. No official cancellation announcement appeared in public records.
A small twin-nozzle rocket motor sat at its core within a PET film bag that measured long enough to contain a human subject. Two pressurized canisters held polyurethane foam for inflation and radio equipment completed the inventory alongside a survival kit.
No other agency initially embraced the concept during these formative years and General Electric's early work remained a unique chapter without adoption. The concept survived only as a footnote in aerospace history books after being quietly shelved by the end of the 1960s.