Since he's talking about a single 400 amp feed that will service (2) distribution panels, I'm assuming the Mains in the distribution panels are probably 200 amps or less. If that happens to be the case there wont be 4 lugs per phase on the Mains to be able to run the parallel 4/0's to the first main in distribution panel A then jumper parallel 4/0's to the 2nd main in distribuiton panel B.
If the Mains in the distribution panels do have (4) lugs per phase where you could bring the parallel feeds to the first one and jumper a parallel feed to the 2nd, I'd think the Mains would have to be at least 400 Amp and the required feeder would have to be even larger,so I doubt that's the case.
I think If it were me, I'd take the 400 amp parallel 4/0 feeder to a juction box with a Power Distribuition block of some sort close to the distribuiton panels, then tap from that point to the distribution panels main breakers like others have mentioned.
JAP>