"I can't blame you at all for that. 50% of par on FNMAS would be well over a double from here, and given what we have been through getting out then could hardly be called a loss. I will be sorely tempted to take some off the table if prices get that high."
According to "Man with no Name", it may still take several years before recap/release will be initiated. From this perspective, the current price for FNMAS of $4.90 (which is just under half of a 50% par value payout) could be considered reasonable.
In other words: I would be surprised if JPS reached the expected 50% par price long before the actual release takes place.
Therefore, the further upside potential until a possible Trump victory seems low to me.
My assessment is based on the revelations in Calabria's new book that Mnuchin is said to have offered only 40% par for the JPS in 2020. From this you had concluded (most likely correctly) that only about 50% of par would be paid for the JPS if FnF were released in the next few months.
Please note that when JPS prices were last around $10 (shortly before the 4th Letter Agreement was released in Jan. 2021), Mnuchin's 40% par offer was not yet public knowledge.