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.

　　已倒闭的美国投资银行雷曼兄弟控股公司(Lehman Brothers Holdings Inc.)的不动产管理方与多个大名鼎鼎的对冲基金以及雷曼兄弟前竞争对手高盛集团(Goldman Sachs Group Inc.)这三方就如何分食雷曼兄弟610亿美元资产的事一直争论不休，现在这场争论即将迎来重要时刻。

　　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.

　　对冲基金经理鲍尔森(John Paulson)代表着对冲基金一方，其公司鲍尔森基金公司(Paulson & Co.)从那场让雷曼兄弟倒闭的金融危机中大赚了一笔。鲍尔森一直在廉价购买雷曼兄弟的债务，现在他已是后者最大债权人之一。鲍尔森基金目前正领导多只对冲基金推动一项如何处理雷曼兄弟公司资产的提议。

　　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.

　　争论的另一方是高盛，当年它大规模看空次级贷款抵押证券，而正是这些证券导致了雷曼兄弟的垮台。周一，高盛率领多家银行提出了一个与上述提议相竞争的方案，该方案将使这些银行获得更大的收益分成。

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

　　Bloomberg News鲍尔森基金公司(Paulson & Co.)总裁鲍尔森(John Paulson)鲍尔森和高盛所代表的这两方对雷曼兄弟公司不动产管理方之前提交给破产法院的一项建议均持反对态度。

　　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月的倒闭揭开了这场金融危机中最糟糕的篇章，它也是历史上最大规模的破产案，雷曼兄弟破产后遗留下高达6,130亿美元的债务，其庞大的企业帝国遍布世界各地。

　　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.

　　那些业务遍及全球各个角落的公司在申请破产保护后，应如何将价值上百亿美元的资产拆分给不同债权人，争夺雷曼兄弟资产的这场斗争或许可以提供一个开创先例的路线图。

　　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.

　　雷曼兄弟不动产管理方正设法处理总金额超过3,500亿美元的索赔，其中很多索赔由不良债务投资者发起，这类投资者专门靠在重大企业破产官司上押下重注来赚钱。

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

　　以鲍尔森为例，自雷曼兄弟寻求破产保护以来，他已经用相当于雷曼兄弟公司债务原面值7.5%至36%的成本抢购了雷曼兄弟不少债务。

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

　　鲍尔森基金最近购买雷曼兄弟债务的花费约为这些债务原有面值的25%。鲍尔森拒绝置评。

　　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.

　　雷曼兄弟的债权人中，既有雷曼兄弟控股公司的债主，也包括雷曼兄弟旗下几家曾经从事复杂衍生品合约、商业票据和房地产交易的子公司的债权人。

　　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.

　　鲍尔森和高盛所代表的两个集团是雷曼兄弟不同机构的债权人。高盛这一方包括德意志银行(Deutsche Bank AG)和投资咨询公司Angelo Gordon & Co.等，欠它们钱的是雷曼兄弟的多个子公司，它们说自己在债权人资格方面要胜过鲍尔森一方，后者包括加利福尼亚州公共雇员养老基金(California Public Employees' Retirement System)等机构，它们是雷曼兄弟控股公司的债权人。

　　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.

　　鲍尔森一方坚称，应该把雷曼兄弟庞大的分支机构聚拢在一起，一并加以处理，并说这是清算雷曼兄弟庞大债务体系最简单有效的办法。在破产术语中，这种方法被称作“实质性合并”。

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

　　高盛一方则认为，应单独进行索赔，因为如果合并在一起，会招来雷曼兄弟各不同机构相互之间的索赔诉讼。

　　"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.

　　美国斯顿霍尔大学(Seton Hall University)法学院专门从事公司破产和债务研究的教授鲁本(Stephen Lubben)说，实质性合并当然会让大家都更省事一些，因为基本上可以把雷曼兄弟所有实体都当成一个公司来看待。

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

　　但鲁本说，这样做会挑起巨大争端。