A three-way battle over the remnants of Lehman Brothers Holdings Inc. is coming to a head, as the defunct investment bank's estate fights with big-name hedge funds and Lehman's former archrival Goldman Sachs Group Inc. over how to divvy up $61 billion in assets.

　　已倒閉的美國投資銀行雷曼兄弟控股公司(Lehman Brothers Holdings Inc.)的不動產管理方與多個大名鼎鼎的對沖基金以及雷曼兄弟前競爭對手高盛集團(Goldman Sachs Group Inc.)這三方就如何分食雷曼兄弟610億美元資產的事一直爭論不休，現在這場爭論即將迎來重要時刻。

　　In one corner is hedge fund manager John Paulson, whose firm made a fortune on the financial crisis that destroyed Lehman. Mr. Paulson has been snapping up bargain-priced debt of Lehman and is now one of its biggest creditors. His firm, Paulson & Co. is leading a group of hedge funds pushing one proposal for how to unwind the failed firm.

　　對沖基金經理鮑爾森(John Paulson)代表著對沖基金一方，其公司鮑爾森基金公司(Paulson & Co.)從那場讓雷曼兄弟倒閉的金融危機中大賺了一筆。鮑爾森一直在廉價購買雷曼兄弟的債務，現在他已是后者最大債權人之一。鮑爾森基金目前正領導多只對沖基金推動一項如何處理雷曼兄弟公司資產的提議。

　　In another is Goldman, which itself made big bets against subprime securities that drove Lehman to collapse and on Monday led a group of banks presenting a competing plan that would pay a larger share of proceeds to them.

　　爭論的另一方是高盛，當年它大規模看空次級貸款抵押證券，而正是這些證券導致了雷曼兄弟的垮臺。周一，高盛率領多家銀行提出了一個與上述提議相競爭的方案，該方案將使這些銀行獲得更大的收益分成。

　　Both oppose a previous proposal filed to the bankruptcy court by Lehman's estate manager.

　　Bloomberg News鮑爾森基金公司(Paulson & Co.)總裁鮑爾森(John Paulson)鮑爾森和高盛所代表的這兩方對雷曼兄弟公司不動產管理方之前提交給破產法院的一項建議均持反對態度。

　　Lehman's collapse in September 2008 set off the worst of the financial crisis and represented the largest bankruptcy in history, with $613 billion in liabilities and a sprawling empire of corporate components spread across the globe.

　　雷曼兄弟2008年9月的倒閉揭開了這場金融危機中最糟糕的篇章，它也是歷史上最大規模的破產案，雷曼兄弟破產后遺留下高達6,130億美元的債務，其龐大的企業帝國遍布世界各地。

　　The battle's outcome could provide a precedent-setting road map for how to split up billions of dollars to creditors of companies with operations across the globe after they fall into bankruptcy protection.

　　那些業務遍及全球各個角落的公司在申請破產保護后，應如何將價值上百億美元的資產拆分給不同債權人，爭奪雷曼兄弟資產的這場斗爭或許可以提供一個開創先例的路線圖。

　　Lehman's estate is attempting to handle more than $350 billion in claims, many of them held by distressed-debt investors who make a living betting large sums on the results of litigation in major bankruptcy cases.

　　雷曼兄弟不動產管理方正設法處理總金額超過3,500億美元的索賠，其中很多索賠由不良債務投資者發起，這類投資者專門靠在重大企業破產官司上押下重注來賺錢。

　　Paulson, for instance, has snatched up Lehman debt for prices ranging from 7.5 cents to 36 cents since the bank sought bankruptcy protection.

　　以鮑爾森為例，自雷曼兄弟尋求破產保護以來，他已經用相當于雷曼兄弟公司債務原面值7.5%至36%的成本搶購了雷曼兄弟不少債務。

　　The hedge fund's recent purchases have been around 25 percent on the dollar. Paulson declined to comment.

　　鮑爾森基金最近購買雷曼兄弟債務的花費約為這些債務原有面值的25%。鮑爾森拒絕置評。

　　Lehman owes money to creditors at its parent, or holding-company, level, as well as several operating subsidiaries that trafficked in everything from complex derivatives contracts to commercial paper and real estate.

　　雷曼兄弟的債權人中，既有雷曼兄弟控股公司的債主，也包括雷曼兄弟旗下幾家曾經從事復雜衍生品合約、商業票據和房地產交易的子公司的債權人。

　　The Paulson and Goldman groups are creditors to different parts of Lehman. Goldman's group, which also includes Deutsche Bank AG and Angelo Gordon & Co., is owed money by Lehman's subsidiaries and says it is entitled to more than Paulson's group, which includes California Public Employees' Retirement System and is a creditor to the holding company.

　　鮑爾森和高盛所代表的兩個集團是雷曼兄弟不同機構的債權人。高盛這一方包括德意志銀行(Deutsche Bank AG)和投資咨詢公司Angelo Gordon & Co.等，欠它們錢的是雷曼兄弟的多個子公司，它們說自己在債權人資格方面要勝過鮑爾森一方，后者包括加利福尼亞州公共雇員養老基金(California Public Employees' Retirement System)等機構，它們是雷曼兄弟控股公司的債權人。

　　The Paulson group argues Lehman should be wound down by pooling all its sprawling parts together into one pot as the simplest and most efficient way to untangle the vast web of debts. The method is known as "substantive consolidation" in bankruptcy parlance.

　　鮑爾森一方堅稱，應該把雷曼兄弟龐大的分支機構聚攏在一起，一并加以處理，并說這是清算雷曼兄弟龐大債務體系最簡單有效的辦法。在破產術語中，這種方法被稱作“實質性合并”。

　　The Goldman group argues that the claims should be kept separate because consolidation would invite litigation concerning intercompany claims between Lehman's various units.

　　高盛一方則認為，應單獨進行索賠，因為如果合并在一起，會招來雷曼兄弟各不同機構相互之間的索賠訴訟。

　　"Substantive consolidation certainly makes everybody's life easier because you basically treat all the Lehman entities as if they were one corporation," said Stephen Lubben, a professor at Seton Hall University's law school who specializes in corporate bankruptcy and debt.

　　美國斯頓霍爾大學(Seton Hall University)法學院專門從事公司破產和債務研究的教授魯本(Stephen Lubben)說，實質性合并當然會讓大家都更省事一些，因為基本上可以把雷曼兄弟所有實體都當成一個公司來看待。

　　'But if you go that route," he said, 'you're picking a huge fight."

　　但魯本說，這樣做會挑起巨大爭端。