Broadly speaking, yes you can do but there may be some drama along the way.
Cabling is five cables:
1: Guitar --> Pod input
2: Pod FX Send --> Bugera Input.
3: Bugera FX Send --> Pod HD500 FX Return (Left)
4a: HD500 1/4 Out (left) --> Bugera FX Return
4b: HD500 1/4 Out (Right) --> Satellite Amp FX Return.
This only differs from the standard 4CM Insofar as the second output on the POD is routed to the FX return on the second amp. This means you are using the power amp stage of the satellite amp only.
It is not possible to concurrently use the preamp on both of the amplifiers without a Y splitter cable . You will also need a strong stock of painkillers to offset the pain caused by trying to work out the routing, levels and switching to support this. You can do it but I think the level of complexity will make this very painful in practice to use. Come back if you really need this.
In terms of stereo though, Be advised that only Stereo FX Implemented after the POD FX loop block will be in stereo. FX placed before the FX loop block will be mixed to mono using the somewhat arcane routing rules within the POD to determine the combined levels. Forced stereo before the FX loop to work you would need to use the Y-Splitter cable as previously described.
jimsreynolds's post in Hd500 4 Cable Method In Stereo? was marked as the answer