Cut steak into 4 equal portions, and press the peppercorns evenly into both sides. Heat 1 1/2 tb. Butter in a large skillet over medium heat until bubbly. Cook steaks 10 to 12 minutes for rare (140 degrees) or to desired doneness, turning once. Remove to a warm platter.
Add the shallots to the skillet; cook 2 minutes, stirring frequently. Stir in the pepper sauce. Add the gin; carefully ignite with a match. When flames die out, remove from the heat, swirl in remaining butter until melted and pour the sauce over the steaks.
Serving suggestions: Steamed fresh baby carrots and sugar snap peas. (If Densie is coming to dinner, skip the peas!)