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(guó)投資銀行雷曼兄弟控股公司(Lehman Brothers Holdings Inc.)的不動(dòng)產(chǎn)管理方與多個(gè)大名鼎鼎的對(duì)沖基金以及雷曼兄弟前競(jìng)爭(zhēng)對(duì)手高盛集團(tuán)(Goldman Sachs Group Inc.)這三方就如何分食雷曼兄弟610億美元資產(chǎn)的事一直爭(zhēng)論不休，現(xiàn)在這場(chǎng)爭(zhēng)論即將迎來(lái)重要時(shí)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(duì)沖基金經(jīng)理鮑爾森(John Paulson)代表著對(duì)沖基金一方，其公司鮑爾森基金公司(Paulson & Co.)從那場(chǎng)讓雷曼兄弟倒閉的金融危機(jī)中大賺了一筆。鮑爾森一直在廉價(jià)購(gòu)買雷曼兄弟的債務(wù)，現(xiàn)在他已是后者最大債權(quán)人之一。鮑爾森基金目前正領(lǐng)導(dǎo)多只對(duì)沖基金推動(dòng)一項(xiàng)如何處理雷曼兄弟公司資產(chǎn)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(zhēng)論的另一方是高盛，當(dāng)年它大規(guī)?？纯沾渭?jí)貸款抵押證券，而正是這些證券導(dǎo)致了雷曼兄弟的垮臺(tái)。周一，高盛率領(lǐng)多家銀行提出了一個(gè)與上述提議相競(jìng)爭(zhēng)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(duì)雷曼兄弟公司不動(dòng)產(chǎn)管理方之前提交給破產(chǎn)法院的一項(xiàng)建議均持反對(duì)態(tài)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(kāi)了這場(chǎng)金融危機(jī)中最糟糕的篇章，它也是歷史上最大規(guī)模的破產(chǎn)案，雷曼兄弟破產(chǎn)后遺留下高達(dá)6,130億美元的債務(wù)，其龐大的企業(yè)帝國(guó)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(yè)務(wù)遍及全球各個(gè)角落的公司在申請(qǐng)破產(chǎn)保護(hù)后，應(yīng)如何將價(jià)值上百億美元的資產(chǎn)拆分給不同債權(quán)人，爭(zhēng)奪雷曼兄弟資產(chǎn)的這場(chǎng)斗爭(zhēng)或許可以提供一個(gè)開(kāi)創(chuàng)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(dòng)產(chǎn)管理方正設(shè)法處理總金額超過(guò)3,500億美元的索賠，其中很多索賠由不良債務(wù)投資者發(fā)起，這類投資者專門靠在重大企業(yè)破產(chǎn)官司上押下重注來(lái)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(chǎn)保護(hù)以來(lái)，他已經(jīng)用相當(dāng)于雷曼兄弟公司債務(wù)原面值7.5%至36%的成本搶購(gòu)了雷曼兄弟不少債務(wù)。

　　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(gòu)買雷曼兄弟債務(wù)的花費(fèi)約為這些債務(wù)原有面值的25%。鮑爾森拒絕置評(píng)。

　　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(quán)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(jīng)從事復(fù)雜衍生品合約、商業(yè)票據(jù)和房地產(chǎn)交易的子公司的債權(quán)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(gè)集團(tuán)是雷曼兄弟不同機(jī)構(gòu)的債權(quán)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(gè)子公司，它們說(shuō)自己在債權(quán)人資格方面要?jiǎng)龠^(guò)鮑爾森一方，后者包括加利福尼亞州公共雇員養(yǎng)老基金(California Public Employees' Retirement System)等機(jī)構(gòu)，它們是雷曼兄弟控股公司的債權(quán)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(jiān)稱，應(yīng)該把雷曼兄弟龐大的分支機(jī)構(gòu)聚攏在一起，一并加以處理，并說(shuō)這是清算雷曼兄弟龐大債務(wù)體系最簡(jiǎn)單有效的辦法。在破產(chǎn)術(shù)語(yǔ)中，這種方法被稱作“實(shí)質(zhì)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(rèn)為，應(yīng)單獨(dú)進(jìn)行索賠，因?yàn)槿绻喜⒃谝黄穑瑫?huì)招來(lái)雷曼兄弟各不同機(jī)構(gòu)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(guó)斯頓霍爾大學(xué)(Seton Hall University)法學(xué)院專門從事公司破產(chǎn)和債務(wù)研究的教授魯本(Stephen Lubben)說(shuō)，實(shí)質(zhì)性合并當(dāng)然會(huì)讓大家都更省事一些，因?yàn)榛旧峡梢园牙茁值芩袑?shí)體都當(dāng)成一個(gè)公司來(lái)看待。

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

　　但魯本說(shuō)，這樣做會(huì)挑起巨大爭(zhēng)端。