An examiner is directed by the court to conduct an analysis, whereas an independent party (i.e., the equity committee) moves the court for discovery and disclosure to conduct their own. If the judge grants an examiner, the parties are bound to comply because the examiner is acting on behalf of the court - and in the absence of compliance, the defiant party(ies) face contempt.
In short, the appointment of an examiner would be the better of the two alternatives because it would allow a thorough, unrestricted evaluation of what really happened and provide us with the most transparency possible.