Place porcini in bowl. Cover with boiling water; let sit until softened, about
20 minutes. Remove porcini, reserving liquid. Dice mushrooms; set aside. Strain
liquid using fine mesh strainer; discard grit. Set aside.
Place orzo in large stockpot over medium-low heat. Cook, stirring continuously,
until light golden, about 6 minutes. Add enough water to cover by three inches.
Heat to a boil; cook until orzo is just tender, about 10 minutes. Drain; set
aside.
Heat olive oil and butter in same stockpot over low heat. Add onions, garlic and
thyme; cook, stirring occasionally, until onions are very soft and golden brown,
about 45-50 minutes. Add cremini mushrooms; cook, stirring occasionally, about 8
minutes. Add Madeira; cook 1 minute. Add porcini, strained liquid, beef and
chicken broth. Heat to simmer; reduce liquid by 1/4, about 5 minutes. Add orzo;
cook until heated through, about 2 minutes. Stir in parsley, salt, black and red
pepper.