Texas
SpaceX loses bid to control beach access near launch facility in Texas
SpaceX’s mega rocket Starship booster returns to the launch pad during a test flight from Starbase in Boca Chica, Texas, Thursday, Jan. 16, 2025.
Eric Gay | AP
As SpaceX awaits the results of a critical election that would turn the location of its Starbase launch site into an incorporated Texas city, lawmakers have declined to give Elon Musk’s aerospace company greater control over a main highway and public beach.
Starbase, where the Musk-led company builds and launches its rockets, is located in Boca Chica, Texas, on the Gulf Coast. Residents of the area are voting on whether to turn the small community into a city, with the election scheduled to conclude on Saturday.
On Monday, the Texas House State Affairs Committee voted against a bill that would have given SpaceX greater control over a highway and public beach access in the likely event the company is victorious in its effort to make Starbase into Texas’ newest city. Around 500 people live in the community today, including SpaceX employees and about 120 children, according to the Texas Tribune.
SpaceX has historically needed to close roads and beaches around Starbase in order to conduct test flights and launches, including for its massive Starship rockets, which Musk sees as a prelude to an eventual Mars mission. Closing off access to beaches in the area has required SpaceX to inform and attain permission from authorities in Cameron County, the southernmost county in Texas.
The frequent closures have contributed to legal complaints against SpaceX, and have drawn protests from local residents and activists, including the Carrizo Comecrudo Tribe of Texas, the South Texas Environmental Justice Network and Border Workers United.
Activists in the Rio Grande Valley area, where Starbase is located, protested and formally lobbied against the bills for weeks. Related proposals could be introduced before the legislature meets again next month.
As CNBC has previously reported, SpaceX has conducted test flights or launches that have resulted in fires and harm to sensitive habitat essential to some endangered species in the area.
In one example, SpaceX was fined by the Environmental Protection Agency for polluting waters in Texas in violation of the Clean Water Act. After those fines, Musk threatened to sue the FAA for “regulatory overreach” but never filed a complaint.
Following a front-page New York Times story in July about the damages to local wildlife, including bird habitat, caused by SpaceX, Musk wrote in a post on his social media site X, “To make up for this heinous crime, I will refrain from having omelette for a week.”
That was a week before Musk formally endorsed Donald Trump for president after an assassination attempt on the then-presumptive Republican nominee at a rally in Pennsylvania. Musk then went on to spend nearly $300 million to propel Trump back the White House, and now serves as an advisor to the president with influence over spaceflight and environmental regulations.
In leading the Department of Government Efficiency, Musk has helped gut the ranks of both the Environmental Protection Agency and the Federal Aviation Administration. Under Trump’s EPA, the U.S. has promised to “reconsider” or target dozens of rules for elimination that currently limit air pollution and wastewater from energy, autos and manufacturing sectors.
Tim Hughes, SpaceX’s head of government affairs, didn’t respond to a request for comment, nor did the offices of Republican State Representatives Gina Hinojosa and Janie Lopez, who introduced the bills to give SpaceX local beach control.
WATCH: SpaceX launches third test flight of massive Starship rocket
Texas
SCHEELS CEDAR PARK
Texas
Phoenix Merchant Partners and Texas Capital Alternative Asset Management Form Strategic Relationship
Phoenix Merchant Partners, an independent alternative asset manager, and Texas Capital Alternative Asset Management (TCAAM), a wholly owned subsidiary of Texas Capital Bancshares, formed a strategic relationship to provide customized capital solutions and direct lending to the core middle market across a diverse range of industries.
The relationship integrates the corporate and investment banking coverage network of Texas Capital with the structuring, underwriting and multi-cycle portfolio management expertise of Phoenix. Capitalizing on this powerful combination, Phoenix will launch its first vehicle, Spurstone Credit, in Q3/26. Structured as a perpetual-life, non-traded closed-end credit fund, Spurstone will be headquartered in Dallas, Texas.
Spurstone has already attracted interest from a group of anchor institutional investors. The vehicle’s investment mandate will focus primarily on delivering senior secured financing solutions to core middle-market businesses with annual revenues between $100 million and $1 billion that are currently underserved in private credit.
“As the only full-service financial services firm headquartered in Texas, we continuously look for ways to serve the needs of companies and their owners, both in Texas and in our industries of focus across the country. Working with Phoenix expands and accelerates our ability to offer proprietary private credit financing solutions to deserving clients. The Phoenix team shares our disciplined approach to asset structuring, capital preservation and portfolio management, as well as our passion for providing exceptional client service and delivering comprehensive solutions,” Daniel Hoverman, head of corporate and investment banking at Texas Capital and president of TCAAM, said.
The vehicle’s strategy is designed to address a critical structural liquidity gap for non-sponsored, family-owned and founder-led mid-market enterprises requiring flexible, non-dilutive senior capital to fund organic growth, strategic acquisitions and balance sheet optimizations.
“Proprietary origination remains the single biggest differentiator in the private credit landscape,” Art Mbanefo, founder and CEO of Phoenix, said. “Working with TCAAM unlocks unparalleled access to high-quality, founder-owned businesses across Texas and other economic centers like California, New York and Illinois. Together, we are bridging the liquidity gap for exceptional middle-market companies.”
Spurstone will be advised by a newly formed, Phoenix-sponsored registered investment adviser, Ryestone Advisors, which is currently applying for registration with the U.S. Securities and Exchange Commission. TCAAM will be a minority economic investor in Spurstone’s investment adviser.
Texas
Texas man admits embezzling $3.2 million to pay student loans, fuel online gambling, prosecutors say
A Texas man who siphoned off millions from his employer to wipe out tens of thousands in student loan debt and bankroll extensive online gambling has pleaded guilty to federal embezzlement charges, prosecutors said.
Mitchell David Slentz, 34, of Kyle, pleaded guilty in federal court to embezzling more than $3.2 million from Austin Freight Systems, according to the U.S. Attorney’s Office for the Western District of Texas.
Financial oversight role detailed
Prosecutors said Slentz held broad responsibility for Austin Freight Systems’ finances, managing accounting operations, overseeing financial reports and internal controls, and handling vendor payment requests submitted to JPMorgan Chase.
Between October 2023 and March 2025, Slentz executed 147 fraudulent payments, diverting $3,277,937.35 into his personal accounts via interstate wire transfers. He used part of the stolen money to make two student loan payments — $25,000 and $33,887. He also gambled heavily on an online platform, depositing and winning more than $1 million, the U.S. Attorney’s Office said.
Charges and court proceedings
Slentz was charged on May 14, appeared on June 8, and pleaded guilty Monday to wire fraud and engaging in monetary transactions with criminally derived proceeds.
A federal judge will determine Slentz’s sentence based on U.S. Sentencing Guidelines and statutory factors.
Investigation led by the FBI task force
The FBI Austin White Collar Crime Task Force handled the investigation.
CBS News Texas will provide updates as more information becomes available.
-
Georgia6 minutes agoLIVE BLOG: Severe storms threaten North Georgia
-
Hawaii13 minutes ago
Suspect arrested in attempted armed robbery on North Shore
-
Idaho16 minutes agoU.S. Marshals track Meridian man in Idaho Falls after suspected robbery
-
Illinois21 minutes agoIllinois Product Farmers Market Highlights Local Flavors and Family Traditions
-
Indiana28 minutes ago2 Indiana men plead guilty in Montana oxycodone conspiracy case
-
Iowa31 minutes agoIowa’s governor and her family on weeklong tour of Iowa tourist sites – Radio Iowa
-
Kansas36 minutes agoNew mural to be unveiled Thursday afternoon in North Topeka
-
Kentucky43 minutes ago
Former Northern Kentucky school bus driver sentenced in child pornography case