Still, government officials have chimed in by asking for significant adjustments to CenterPoint's recovery as well. Scott Norwood, a witness for the City of Houston, said that recent asset sale prices -- even for STP -- show that Genco is worth far more that its current market value. He is, therefore, asking regulators to knock $1.6 billion from CenterPoint's refund. Another expert, testifying for the state of Texas, believes that the corporate governance of Genco -- deemed "quite substantially below the industry average" by an independent firm -- should by itself lower CenterPoint's refund by up to $1 billion. Fully half of Genco's board members also serve as CenterPoint directors charged with maximizing the value of their own company. "Clearly, Genco's governance issues had a severely depressive effect on its stock price," stated Bryan Johnson, an expert witness with 20 years of experience in the investment banking industry. "Had Genco been as well-governed as its peers, in light of its favorable underlying fundamentals -- positive sensitivity to rising natural gas prices in a relatively high and rising price environment, in combination with moderate capital expenditures going forward -- its stock price would be substantially higher by the incorporation of a better governance assessment." CenterPoint fiercely defends the company's governance, however. It insists that Genco has operated its power plants well and has rewarded stockholders with huge returns in the process. But Johnson believes that Genco's governance may have actually reduced the company's stock value by more than half. He pointed to a number of board decisions that allegedly benefited CenterPoint at the expense of Genco. For example, he said, CenterPoint decided to spin off 19% of Genco as a tracking stock, even though such distributions "are not generally employed for the purpose of maximizing stock value." Moreover, he said, Genco went public at an "extremely low" price even considering the distressed state of power companies at that time. Afterwards, he said, Genco failed to provide investors with a clear understanding of the company and, instead, disclosed "the minimum required for regulatory compliance." The company then lost big institutional investors, he said, and saw its stock price depressed as a result.