Þegar er þessi sætt var handsöluð, fór Þorvaldr í brott með skyndingi, ok er Þorvaldr var skammt í brott farinn, þá dreif mikit lið at Hrafni, bæði Seldælir ok margir aðrir. 

As soon as this peace was shaken on, Thorvaldr went away with haste, and when Thorvaldr had scarcely gone way, then many people drifted to Hrafn, both Seldaelir and many others.

Þeir váru margir vinir Hrafns, er mæltu, at þá skyldi gera eftir Þorvaldi ok drepa hann, svá berr sem hann gerðist í fjörráðum við Hrafn, er hann vildi brenna hann inni. 

They were many friends of Hrafn, who said that he should then go after Thorvaldr and kill him, so clear as happened to him in plotting of life against Hrafn, when he (Thorvaldr) wanted to burn him inside (his house).

En þat sýndist oft, at Hrafn var ógrimmr maðr ok hann vildi heldr deyja fyrir tryggðar sakir en fyrir ótryggðar. 

But that seemed often, that Hrafn was an un-stern man, and he wanted rather to die for the sake of trustiness than for un-trustiness.

Nú vildi hann eigi gera eftir þeim Þorvaldi né drepa hann, svá sem hann átti kost, ef hann vildi, því at hann vildi eigi vinna þat til fára vetra virðingar, sem oft kunnu manna ráð verða, heldr vildi Hrafn hafa svívirðing af mönnum í orðlagi fyrir guðs sakir ok hætta svá lífi sínu til eilífrar miskunnar almáttigs guðs. 

Now he didn't want to go after Thorvaldr and the others nor kill him, so as he had (the) choice, if he wanted, because he didn't want to do that to gain false dealings winter (this has to be wrong) reputation, as often can man's advice comes to pass, rather Hrafn wanted to have disgrace of men in report for God's sake and risk so his life to God Almighty's eternal life.

Fyrir þessa tryggð Hrafns ámæltu honum margir menn, fyrir þat, er hann hafði látit Þorvald undan ganga, svá sem Guðmundr skáld Galtason segir Guðrúnu, systur Hrafns, þá er hon spurði, hvat hann heyrði rætt um málaferli þeira Hrafns. 

Before this good faith of Hrafn, many men blamed him for that, when he caused Thorvaldr to escape, so as poet Gudmundr Galtson tells Gudrun, Hrafn's sister, when she asked, what he heard spoken concerning Hrafn and others' lawsuit.

Hann sagði ok kvað vísu:

He spoke and recited a verse: 

[Option A]

   Heyrik Hrafni fjarða

I hear Hrafn firth

   hyrtælendr ámæla,

(hyrtælendr?) blame,

   þjóð es til lymsk á láði,

people are wily to land,

   línspöng, of atgöngu.

linen-spangle, for the attack.

   Raun mun segja sína

I will tell his experience

   seimhrjóðandi góða:

Lavishly-cleared good:

   Vígs es Ullr at öllu

Slaying which Ullr to all

   eitrþvengs fyrirleitinn.

poisonous thong circumspect.

[Option B]

   Heyrik fjarða hyrtælendr ámæla Hrafni of atgöngu. 

I hear firth (hyrtælendr??) blame Hrafn for the attack.

   Þjóð es til lymsk á láði, línspöng. 

People who wily to land, linen-spangle. (???)

   Seimhrjóðandi mun segja sína góða raun: Vígs eitrþvengs Ullr es at öllu fyrirleitinn

Lavishly-cleared I will tell his good experience: The slaying's poisonous-thong of Ullr is at all circumspect.

[Option C]

   Eg heyri menn ámæla Hrarfni fyrir atgönguna. 

I hear men blame Hrafn for the attack.

   Fólkið á jörðinni er mjög undirförult, kona. 

The people on the earth are very false, woman.

   Eg mun segja frá minni góðu reynslu: Hrafn er að öllu leyti gætinn.

I will relate good memory experience: Hrafn is to all a share heedful.

Þá er Þorvaldr kom í Ísafjörð, þá sagði hann allt annat um fundi þeira ok hver sætt verit hafði en var. 

When Thorvaldr arrived in Isafiord, then he told all others concerning their meeting and what agreement had been than was (?). 

Of sumarit eftir riðu þeir Hrafn ok Þorvaldr með miklu fjölmenni báðir til alþingis. 

In the next summer, both Hrafn and Thorvaldr rode with many followers to the general assembly.

Á þingi var kníat mál þeira Þorvalds ok Hrafns. 

At the assembly the Thorvaldr's and Hrafn's case was debated.

Váru í fyrstu öll vitni borin í hag Hrafni, svá sem málaefni váru til. 

First all the witnesses testified in favor of Hrafn, such who were circumstantial to the case.

En er Þorvaldr knokaði sína menn til ljúgvitna ok eftirmælis við sik, þá drógust þeir í málinu ok mæltu þá eftir Þorvaldi allir nema einn maðr. 

But when Thorvaldr forced his men to (be) false witnesses and compliance against him (=Hrafn), then they drew themselves in the case and then took their part for Thorvaldr all except one man.

Sá hét Vermundr. 

That one was named Vermundr.

Hann var sonr Þórðar Halldórssonar. 

He was the son of Thordr Halldorson's.

Hann bar öll vitni eftir því, sem Hrafnsmenn báru ok verit hafði. 

He testified completely in favor after that as Hrafn's men testified and had been.

Þar varð ekki gert um mál þeira Hrafns ok Þorvalds, því at Þorvaldr helt ekki þat, er þeir höfðu á sætzt sín í milli.

Hrafn's and Thorvaldr's case was not arbitrated there, because Thorvaldr didn't consider (I am assuming that "helt" should be "hélt") that, that they had reconciled between themselves.