Step 1: Melt 1 tablespoon butter in heavy medium saucepan over medium-high heat.
Step 2: Add shallots and sauté until beginning to brown, about 5 minutes.
Step 3: Add peppercorns and mash with back of fork.
Step 4: Add broth, Cognac, and cream and boil until sauce is thick enough to coat spoon, whisking occasionally, about 15 minutes.
Step 5: Set sauce aside.
Step 6: Melt remaining 1 tablespoon butter with olive oil in heavy large skillet over medium-high heat. Sprinkle steak with salt and pepper.
Step 7: Add steak to skillet and sauté until brown and cooked to desired doneness, about 4 minutes per side for medium-rare.
Step 8: Transfer steak to cutting board.
Step 9: Add reserved sauce to same skillet and bring to boil, stirring to scrape up browned bits.
Step 10: Slice steak thinly.
Step 11: Transfer steak to platter.
Step 12: Serve with sauce.
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