Hrafnkell reið heim ok sagði tíðendi þessi. Hann etr (pres) mat, ok
eptir þat safnar (pres) hann mönnum at sér,

Hrafnkell rode home and told these tidings. He ate (some) food and after that collected his men to him (refl + dat) 

svá at hann fær (pres) sjau tigu
manna, ok ríðr við þetta (singular) vestr yfir heiði ok kemr á óvart til
Aðalbóls, tekr Sám í rekkju ok leiðir hann út.
so that he had seventy men and rides with them west over the heath to Adalbol -  comes by surprise, takes Sam from his bed and leads him outside

830 Hrafnkell mælti (past) þá: 'Nú er svá komit kosti þínum, Sámr,
at þér mundi ólíkligt þykkja fyrir stundu (a short while ago) , at ek á nú vald á lífi
þínu.

Hrafnkell says then  "Now it is come to your choice Sam,  that to you it seemed unlikely before (me) to stand  and I now have power of your  (sing) life

Skal ek nú eigi vera þér verri drengr (fellow) en þú vart mér.
Shall I now not be to you worse than you were to me

Mun ek bjóða þér tvá kosti: at vera drepinn-hinn er annarr (the other is second) ,
at ek skal einn skera ok skapa okkar í milli.'
I wish to give to you two alternatives/Choices  to be killed (or not) amd that I alone shall divide and choose between us

835 Sámr kvazk heldr (rather) kjósa at lifa, en kvazk (declared himself) þó hyggja, at
hvárrtveggi (note: singular, each) mundi (would) harðr.

Sam replied (that) He chooses to live, but he thought both of them very hard

Hrafnkell kvað hann þat ætla mega (he that expect may), --

Hrafnkell declared - he that  - (could expect or understand?????)

 'því at vér eigum þér
þat at launa (we have to reward (repay) you that), ok skylda ek hálfu betr við þik gera (I should do better by you by half), ef þess væri
vert (fitting)

because there is (eigum) that to pay from you  (A debt to be paid??)

and I would better to you give if it were worthy 

Þú skalt fara brott (away) af Aðalbóli ofan til Leikskála, ok sezk (settle yourself)
840 þar í bú þitt.

You (sing)  shall  travel far from Adalbol down to Leikskalar and stay on your farm

Skaltu hafa með þér auðœfi þau (note: plural), sem Eyvindr
hafði átt (eiga, owned).

You shall have with you the wealth that Eyvind had (brought)

 Þú skalt ekki heðan fleira hafa í fémunum (in valuables) útan þat,
er þú hefir hingat haft (had). Þat skaltu allt (completely) í brottu hafa (have).

You (sing) shall nothing hence valuable have but that which you brought  here

That you shall take away

 Ek vil taka
við goðorði mínu, svá ok við búi ok staðfestu.

I will take (back) my Godðrð (my standing as chief) and my farm and my dwelling

 Sé ek, at mikill
ávöxtr hefir á orðit (has happened) á gózi mínu, ok skaltu ekki þess njóta.
I see that great growth is here in my goods and you (sing) shall not this enjoy

845 Fyrir Eyvind, bróður þinn, skulu engar bœtr koma, fyrir því
at þú mæltir herfiliga eptir inn fyrra frænda þinn (see my translation), ok hafi þér (dative, not subject)
œrnar bœtr þó eptir Einar, frænda yðvarn, þar er þú hefir haft
ríki ok fé sex vetr.

For Eyvind your (sing) brother shall not compensation come, because you spoke out (prosecuted)

wretchedly after the (def art)  ? death of ? that (other) kinsman of you (sing) and you have had enough compensation after Einar (the) kinsman of (the) you (dual - two of you) because you have had power and wealth for six years  

(here was where I frankly think I had lost it - the plot - that is)

En eigi þykki mér meira vert dráp Eyvindar
ok manna hans en (than!)meizl við mik ok minna manna.

And no worse I think to me the death of Eyvind and his men (than) injury to me

and my men

 Þú gerðir
850 mik (made me) sveitarrækan, en ek læt mér líka (I allow myself to be pleased), at þú sitir á Leikskálum,
you will remain to me (an) outsider - but it pleases me to let you sit at Leikskala

ok mun þat duga (that will suffice), ef þú ofsar þér eigi til vansa (to harm).

and may that (be) useful  if you (sing)  if you (sing) not puff up nor (be) arrogant

Minn undirmaðr
skaltu vera, meðan vit lifum báðir (while we both live).

My underling shall you be during both our lives

 Máttu ok til þess ætla, at
þú munt því verr fara, sem vit eigumsk fleira illt við. (see comments on my translation)'

you may think  of this that you may be worse (worse off) as with (?lower standing)

I could not make out the eigumsk