With more than 15 years of valuation experience, Mr. Festa has performed valuations of tangible fixed assets for multiple financial statement and tax reporting purposes. These include Accounting Standards Code (ASC) 805 (formerly SFAS 141R), 350 (SFAS 142), and 360 (SFAS 144), as well as Internal Revenue Code Sections 861, 382, and 704(c). He also has experience performing valuations for leasing and structured finance, property tax, litigations, bankruptcies and reorganizations such as fresh-start accounting and C to S corporation conversions and insurable replacement cost studies.
Mr. Festa has worked with clients across various industries, including those in the financial services, telecommunications, information technology, retail and consumer products, automotive parts manufacturing, textiles, food processing, pulp and paper, pharmaceuticals, health care, aerospace and defense and chemical processing areas.
Mr. Festa's notable assignments include valuing an aftermarket auto parts manufacturer for IRC 861 and a Fortune 500 company's acquisition of a pharmaceutical business for ASC 805. Most recently, he was responsible for assisting in the valuation of a large recycled paper producer for bankruptcy emergence ("fresh-start") accounting purposes, as well as a Fortune 500 telecommunication company's acquisition of a world-wide voice and data network service provider which included several trans-Atlantic fiber-optic routes.
Prior to joining A&M, Mr. Festa spent over seven years with the machinery and equipment valuation group of American Appraisal Associates, where he most recently served as a Director in New York. In this role, he was responsible for overseeing the execution and performing technical reviews of all tangible asset valuation assignments in the region, as well as training staff and assisting in all regional and certain nationwide go-to-market activities. Before joining American Appraisal, he spent over seven years holding positions from staff analyst to manager within Ernst & Young's Capital Equipment Group.
Mr. Festa earned a bachelor's degree in accounting from Rutgers University. In addition, he also holds his ASA accreditation from the American Society of Appraisers and is a member of the Institute for Professionals in Taxation.