Preheat oven to 400°F. Place bread cubes in a large bowl.
Melt 1/2 cup of the butter in a large saucepan over medium. Add shallots, celery, sage, and thyme, and cook, stirring often, until celery is tender, about 5 minutes. Whisk in sherry and Dijon; cook, stirring constantly, 1 minute. Stir in chicken stock, nutmeg, cayenne, and reserved oyster liquor; cook 2 minutes.
Pour mixture over bread cubes, and toss gently. Gently stir in oysters, bacon, eggs, parsley, salt, and black pepper until combined.
Grease a 13- x 9-inch baking dish with 1 tablespoon of the butter, and carefully spoon stuffing into prepared dish. Dot top of stuffing with remaining 4 tablespoons butter; cover with aluminum foil, and bake in preheated oven 30 minutes.
Remove foil, and bake until browned and crispy on top, 15 to 20 minutes. Let stand 15 minutes before serving.
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