Issue installing component package on upgrade from 3.9 to 5.05

I downloaded and attempted to execute the 5.05 launcher application using the install from package option. I had previously uploaded the "full package" zip file from my dashboard into the setup/packages/ folder with 644 permissions on the zip package and 755 permissions on the package folder.
I selected the package from the dropdown on the update from package option and clicked next. The first step - unpack package - completed successfully but the second step run database update scripts failed. When I looked at the package folder on the server, it was empty.

I reinstalled the latest 3.9.24862 package in order for the front end to load properly and for the easyblog admin panel to open instead of the launcher app.

I tried directly installing the full package rather than using the launcher and it ran for about 45 seconds before ending and going back to the extension install page with no additional messages. When I checked my current version, it was still 3.9.24862.

At no time did I receive an error from the installer except where noted above.

Joomla 3.4.1
Database Version 5.5.42
PHP Version 5.4.39