Some good news., page-238

They are not discriminating between shareholders as that is illegal, they are discriminating between creditors and shareholders, which is perfectly legal since shareholders are at the very bottom of the order.

The money from the receivership sale doesnt get allocated per shares, it gets allocated to the secured creditors first (Banco Bradesco and Caterpillar IIRC), if there's any left over it gets allocated to the unsecured noteholders (represented by BNYM), and if theres any left after both secured & unsecured creditors have been paid off, it gets to the shareholders.

Yes, some of the unsecured noteholders are also shareholders, but they will get paid first in their capacity as a creditor. If there's anything left, all shareholders will be treated the same, including the institutions in their capacity as a shareholder.