Here’s my translation

Alan

Þat högg kom á hönd Teiti á hreifann, ok var kallat ekki mikit sár, en höndin fell síðan af honum í hreifanum, þá er Þorvaldr Bjarnason skyldi græða hann. 
That blow came on the hand of Teitr on the-wrist, and was called not a great wound, but the-hand fell afterwards from him in the-wrist, when Þorvaldr Bjarni‘s-son should (ie was expected to) heal him.

Á þau mál var þar þegar sætzt á þinginu. 
In that matter [it] was at-once come-to-terms there at the Thing (Assembly)

En þat kom upp síðan, at þeir Loftr ok Gísli höfðu verit í fjörráðum við Þorvald ok þeir hefði heitit at halda upp fébótum fyrir Hauk, ef hann hefði unnit á Þorvaldi. 
And that came up (ie came to light) afterwards, that they, Loptr and Gísli, had been in [the] hatching-of-a-plot-against-the-life of Þorvaldr and they had promised to discharge (lit: hold up) an offer-of-money (ie pay a reward) for Haukr, if he had done-a-bodily-injury to Þorvaldr.

En er Loftr vissi, at Þorvaldr hafði ekki skeinzt, þá vildi hann eigi fébótum upp halda, sem þeir höfðu heitit. 
But (And) when Loptr knew, that Þorvaldr had not been-scratched, then he wanted not to discharge (lit: hold up) [the] offer-of-money (ie pay the reward), which they had promised.

Svá gerði ok Gísli, en Hauki þóttu þeir eiga at efna mælt mál við sik, þar er hann hafði ráðit til Þorvalds, þótt hann hefði eigi skeinzt. 
Gísli also acted thus, but (and) [it] seemed to Haukr they (ie Loptr and Gísli) to have stipulated (<mæla>, Z2) to fulfil [the] agreement with him, there where (ie insofar as) he had attacked Þorvaldr, even-though he (ie Þorvaldr) had not been-scratched.

En því vildu þeir eigi fé gjalda, er Þorvaldr hafði ekki skeinzt af tilræði Hauks. 
But they wanted not to pay [the] money for that, when Þorvaldr had not been scratched by [the] assault of Haukr.

Þá sýndist Lofti óvarligt vera sér at sitja í Dýrafirði fyrir ófriði Þorvalds, ok fyrir því fór hann á brott, brátt er menn kómu af þingi, suðr um land til Eyjólfs goða Þorsteinssonar, mágs síns, föður Álfdísar, konu hans, ok var þar um sumarit ok öndverðan vetrinn. 
Then [it] seemed to Loptr to be imprudent (<úvarligr>) for himself to stay (lit: sit) in Dýrafjörðr for [reasons of] [the] enmity of Þorvaldr, and for that [reason] he journeyed away, as soon as folk came from [the] Thing (assembly), south across land to Eyjólfr [the] goði (chief), Þorsteinn’s-son, his father-in-law, father of Álfdís, his wife, and was (stayed) there during the-summer and the-beginning of the-winter.

Þetta sumar fór Þorvaldr vestr { Dýrafjörð til leiðar at vitja fégjalda þeira, er gjaldast skyldu fyrir Hauk, en féin kómu þar eigi fram. 
This summer Þorvaldr journeyed west to Dýrafjörðr to [the] local-assembly (<leið>, Z.ii) to fetch those payment (fine), which should be-paid for Haukr, but the-monies came not forth (was not forthcoming) there.

Þá beiddi Þorvaldr Hrafn, at hann skyldi fara með honum á Mýrar at ræna bú Lofts fyrir þat, er fégjöld kómu eigi fram fyrir Hauk. 
Then Þorvaldr asked Hrafn, that he should go with him to Mýrar to plunder [the] household of Loptr for that [reason] that payments came not forth (were not forthcoming) for Haukr.

En Hrafn vildi eigi í þeiri för vera, kveðst veita mundu Þorvaldi til laga, en eigi til ólaga, mælti, at Þorvaldr skyldi sækja Loft til laga eða Gísla um fjörráð eða fjárhald, ok kvaðst veita honum mundu til þess. 
But Hrafn wanted not to be in their journey (expedition), declared-of-himself [that he] would help (<veita>, Z1) Þorvaldr through [the] law (ie by legal means), but [and] not through lawlessness (<úlög>) (ie not by illegal means), spoke, that Þorvaldr should pursue Loptr through [the] law (ie by legal means) or Gísli concerning [the] hatching-of-a-plot-against-the-life or with-holding-money, and declared-of-himself [that he] would help (<veita>, Z1) him through that (ie by those means).

Eftir þat fór Þorvaldr á Mýrar ok rænti þar mörgu fé ok lagði ámæli til við Hrafn, er hann vildi eigi í þeiri för vera. 
After that Þorvaldr journeyed to Mýrar and plundered there much property and reproached (lit: placed blame towards [it] against) Hrafn, that he wanted not to be in their journey (expedition).

Of þetta rán orti Heinrekr, þingmaðr Þorvalds, vísu þessa:
Of this plundering, Heinekr, Thingman (liegeman) of Þorvaldr, made this verse:

 Rækir, frák, at 
Driven-out (<rækr>, Lex Poet), I heard (<frá ek>), that

  ráð vas þat mikit, dáða,
that was [the] great plan, of merit (gram. gen fem pl, <dáð>, Z3)

   kynnisk kappgirnd manna,
[the] ambition (<kappgirnð>, Lex. Poet) of men becomes-known

   kýr tuttugu af Mýrum.
twenty cows from Mýrar.

   Nú hefr hrynbirkis hvárki
Now [the] warrior (lit: maple-tree of mail-bark, <hlynr hrynbirkis> Lex Poet, which as best I can tell is uncertain about <hrynbirki>, as am I!) neither -

   hlynr, veitk á því skynjar,
I have (lit: know) knowledge about that,

   illr mun kostr sá kallaðr,
That choice will [be] called ill,

   kýr né land á Mýrum.
cows nor land in Mýrar.

Or, after rearranging all the pieces:

I heard that, that was the great plan of merit– twenty cows driven-out from Mýrar
I have knowledge of that: Now the warrior has neither cows nor land in Myrar - that choice will be called bad.