NAB counts its losses on New Star 29 January 2009 5:27PM Ian Rogers National Australia Bank may get about half its money back from a loan to troubled British fund manager New Star.Early last month NAB, along with five other banks, agreed to swap their £240 million in debt in exchange for preference shares and 75 per cent of New Star's equity. It isn't clear what share of the bank loan to the money manager NAB held.According to the Financial Times the preferred bidder for New Star, Henderson, is expected to pay about £120 million for the shares in the group.This implies that NAB and the other banks have lost about 60 per cent of their loans to New Star.The Daily Telegraph, however, reported that New Star advised shareholders, other than the banks, that they may not receive anything from the sale to Henderson.New Star said that if a deal goes ahead, "substantially all of the proceeds" would be needed to repay its debt.