EXHIBIT F 

Order Discharging Examiner and Establishing Related Procedures, In re 

Refco Inc., Case No. 05-6006 (RDD) (Bankr. S.D.N.Y. Aug. 16, 2007) 

(Docket No. 5748) 

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UNITED STATES BANKRUPTCY COURT 

SOUTHERN DISTRICT OF NEW YORK 

In re: 

REFCO INC., et al. 

 Debtors. 

§ 

§ 

§ 

§ 

§ 

§ 

Chapter 11 

Case No. 05-60006 (RDD) 

Jointly Administered 

Order Discharging Examiner and Establishing Related Procedures

This matter came before the Court for hearing on August 14, 2007 (the “Hearing”) on the 

Motion of Examiner for Order Discharging Examiner and Establishing Related Procedures 

(Docket No. 5632) (“Motion”); the Court having considered the Motion and the limited 

objection thereto and the arguments of counsel and the representations set forth on the record of 

the Hearing by counsel for the Litigation Trustee1

; the Court having jurisdiction over this matter 

in accordance with 28 U.S.C. §§ 157 and 1334 and the Standing Order of Referral of Cases to 

Bankruptcy Court By Judges of the District Court for the Southern District of New York, dated 

July 19, 1984 (Ward, Acting C.J.); consideration of the relief requested therein being a core 

proceeding pursuant to 28 U.S.C. § 157(b); venue being proper before this Court pursuant to 28 

U.S.C. §§ 1408 and 1409; the Court having determined that the relief sought in the Motion is in 

the best interests of the Debtors’ estates; the Court having determined that the legal and factual 

bases set forth in the Motion and articulated by counsel at the Hearing establish cause for the 

relief granted herein; and after due deliberation, and sufficient cause appearing, 

NOW, THEREFORE, IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that: 

1. The Motion is granted except to the extent otherwise provided in this Order. 

 

1

 Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Motion. 

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2. Effective as of the date of this Order, the Examiner and the Examiner’s Counsel 

are discharged from any further obligations, duties, or responsibilities under the Examiner 

Appointment Order (Docket No. 1487), pursuant to other directions of the Court given at the 

hearing held in this case on June 21, 2006, or otherwise in these cases, except as specifically 

provided for in this Order. 

3. The Examiner is authorized to, and shall, provide to the Litigation Trustee (as 

defined in the Modified Joint Chapter 11 Plan of Refco, Inc. and Certain of its Direct and 

Indirect Subsidiaries (Docket No. 3948) (the “Plan”)) copies of, or access to, all the Investigative 

Documents requested by the Litigation Trustee in the possession, custody, or control of the 

Examiner. “Investigative Documents” shall mean: (a) all documents2

 produced to the Examiner 

by third-parties; (b) all documents produced to the Creditors Committee and the SEC in these 

cases and shared with the Examiner; and (c) all documents shared with the Examiner by the 

Debtors and their professionals. The Litigation Trustee shall request copies of, or access to, all 

Investigative Documents in the possession, custody, or control of the Examiner (except that the 

Litigation Trustee need not request copies of any Investigative Documents that the Trustee 

reasonably believes are already in the Litigation Trustee’s possession, custody, or control), it 

being the intention of this Order that the Litigation Trustee ultimately have all of the 

Investigative Documents, from one source or another, in his possession, custody, or control. 

4. The Examiner is authorized to provide to the Litigation Trustee, in the sole 

discretion of the Examiner, copies of, or access to, the Other Documents in the possession, 

custody, or control of the Examiner. “Other Documents” shall mean all documents in the 

possession, custody, or control of the Examiner that are not Investigative Documents. 

 

2

 The term “documents” as used in this Order shall have the meaning ascribed to it in Bankruptcy Rule 7034. 

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5. Any such provision of Investigative or Other Documents by the Examiner to the 

Litigation Trustee is not, and shall not be deemed to be, a waiver of any currently existing workproduct or other privilege. 

6. Upon delivery to the Litigation Trustee of all Investigative Documents requested 

by the Litigation Trustee pursuant to paragraph 3 of this Order, the Examiner and the Examiner’s 

Counsel are authorized to retain or dispose of all documents received by or generated by the 

Examiner and the Examiner’s Counsel, including the Investigative Documents and Other 

Documents, in the sole discretion of the Examiner, through whatever process the Examiner 

determines is appropriate. 

7. Without limiting the Examiner’s rights under the Protective Orders, Stipulations 

and Agreements to which the Examiner is subject (the “Stipulations”), with respect to the parties 

to the Stipulations who were served with notice of the Motion and Hearing, the Examiner’s 

compliance with this Order constitutes compliance by the Examiner with the disposition 

provisions of all such Stipulations. 

8. Notwithstanding any other provision in this Order, the Examiner shall preserve 

any and all memoranda, notes, and transcripts (and any exhibits annexed thereto) of any and all 

interviews conducted by the Examiner in the course of the Examiner's investigation (the 

“Interview Materials”). The Examiner shall preserve the Interview Materials until: 1) either the 

end of the criminal trial in United States v. Bennett, et al., S3 05 Cr. 1192 (NRB) or the entry of 

an order from the federal district court judge presiding over that trial denying the defendants 

therein (the “Defendants”) access to the Interview Materials; and, thereafter, 2) the Examiner has 

provided the Defendants with thirty days advance written notice of the Examiner’s intent to 

destroy the Interview Materials; and 3) that thirty day period has expired. The Defendants 

reserve all their rights to seek judicial relief preserving the Interview Materials during that thirty 

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day period. Nothing in this paragraph shall prevent the Examiner from opposing the production 

of any of the Interview Materials on any ground including, without limitation, work product or 

attorney client privilege, or prevent the Defendants from contesting the Examiner’s position. 

9. Every creditor and party in interest is hereby precluded from issuing or serving 

upon the Examiner or the Examiner’s Counsel any formal or informal discovery requests, 

including, but not limited to, any subpoenas, subpoenas duces tecum, request for production of 

documents, requests for admissions, interrogatories, requests for testimony (through subpoena, 

notice of deposition, request for a Bankruptcy Rule 2004 Examination, or otherwise), letters 

rogatory, or any other discovery of any kind whatsoever in any way related to the Debtors, the 

non-debtor affiliates of the Debtors, the bankruptcy cases, or the Examiner’s investigation and 

Report with respect to any knowledge or documents or any other material in the possession, 

custody, or control of the Examiner or the Examiner’s Counsel (including, but not limited to, any 

Investigative Documents or Other Documents); provided, however: (a) that in the event a 

creditor or party in interest shows that it has been unable to obtain discovery of certain 

information from any other source, then such creditor or party in interest may request that the 

Court permit discovery of that information from the Examiner and the Examiner’s Counsel in a 

manner that is consistent with the Protective Orders, Stipulations and Agreements. The Examiner 

and the Examiner’s Counsel have the right to and may oppose any such request for discovery; (b) 

that in the event a federal district court presiding over a criminal proceeding in which a person or 

entity is a defendant issues an order finding that the Examiner or the Examiner’s Counsel is 

obliged to produce documents or other materials to said defendant under the principles of Brady 

v. Maryland, 373 U.S. 83, 83 S. Ct. 1194 (1963), as embodied in subsequent case law and the 

Federal Rules of Criminal Procedure, this Order shall not preclude such production as the federal 

district court may require. The Examiner and the Examiner’s Counsel have the right to and may 

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oppose any efforts by a person or entity to secure such an order from a federal district court; and 

(c) the Examiner and the Examiner’s Counsel shall be entitled to reimbursement of any fees and 

expenses incurred (including professional fees and expenses) in objecting to, opposing, or 

otherwise responding to any such discovery request, with such fees and expenses to be submitted 

and paid in accordance with the provisions of this Order. 

10. Neither the Examiner nor the Examiner’s Counsel shall have any liability with 

respect to any act or omission, statement or representation arising out of, relating to, or involving 

in any way, the Examiner’s investigation or any report, pleading, or other writing filed by the 

Examiner in connection with the bankruptcy cases, except in the case of gross negligence or 

willful misconduct, and the Examiner and the Examiner’s Counsel, without limitation, are 

hereby provided the same releases, exculpations, and limitations of liability provided to the 

Debtors and their professionals, among others, pursuant to the Plan, including Sections 10.2 and 

10.3 of the Plan. 

11. The Examiner and the Examiner’s Counsel shall be entitled to reimbursement 

from the Reorganized Debtors (as defined in the Plan) for all fees and costs relating to 

compliance with the procedures set forth in this Order, including the transfer of materials to the 

Litigation Trustee; the disposition of materials, including the Investigative Documents and Other 

Documents; and any other actions taken by the Examiner or the Examiner’s Counsel in 

furtherance of concluding the Examiner’s duties in connection with his role as Examiner in these 

cases, pursuant to this Order or otherwise. Any fees or expenses for which reimbursement is 

sought, which are incurred by the Examiner or the Examiner’s Counsel after June 30, 2007, shall 

be submitted to and paid by the Reorganized Debtors in the ordinary course of business pursuant 

to Section 12.3(b) of the Plan and paragraph 18 of the Order confirming the Plan (Docket No. 

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3971). The Examiner and the Examiner’s Counsel shall file a final fee application for allowance 

and payment of all fees and expenses incurred during this case through June 30, 2007. 

12. All objections to the Motion are hereby RESOLVED in accordance with the terms 

of this Order or OVERRULED, for the reasons set forth on the record at the Hearing. 

13. Notice of the Motion and Hearing was sufficient and appropriate as evidenced by 

the Certificate of Service filed by the Examiner (Docket No. 5649). 

14. The requirement of Local Bankruptcy Rule 9013-1(b) is waived. 

15. The Court retains jurisdiction to determine all matters relating to interpretation or 

enforcement of this Order. 

16. The Examiner shall serve a copy of this Order, upon the parties on whom the 

Motion was served, by first-class mail within five (5) business days after entry of this Order. 

 Dated: August 16, 2007, at New York, New York 

/s/Robert D. Drain 

ROBERT D. DRAIN 

UNITED STATES BANKRUPTCY JUDGE 

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