Banco Bradesco is the largest secured creditor of MBB, owed US...

Banco Bradesco is the largest secured creditor of MBB, owed US 47M. It is them that has placed MBB in receivership. Do you have any evidence that Banco Bradesco owns even 1 share in MBN?

If you read the s439A report by the administrators, the estimated returns to all the non secured creditors is nil (pg5 Supplementary s439A report), so the 'big non secured creditors' are in the exact same shoes as shareholders.