So, I have searched and did the "required"

FT searching on this one, just need some clarification.
Here is my situation:
Friend booked non-refundable MXP-JFK-MXP flight and no longer wants to use it. Initial value was $716.50.
So, we know -$200.00 fee, leaves $516.50. He wants to give me this credit, but I know its none transferable. Best I can understand, it appears the only way for me to use this credit is for him to find the cheapest 1 way ticket he can find, buy it, and then the leftover credit in transferable, correct?
Or, if I misunderstood this, what is the best route for making his credit transferable?