Heat oil or butter in a very large pan - so large that fish filets will not overlap. Add onion to heat oil. Lay fish slice by slice into the pan; cover and let "etouffee," or smother, about 10 minutes, turning once, so that each side may be partially cooked. Remove fish filets. Add wine and stir well. Add tomato, lemon, and fish stock or water. Season with salt, pepper and cayenne.
Let mixture boil until it is reduced almost one-half. Add fish filets; cook about 5 minutes longer. Add a little hot sauce to the pinch of saffron to dissolve it. Spread saffron over top of fish. Place fish on toast or rice; pour sauce over fish and serve immediately.
Note: Thackeray once said of the Creole Bouillabaisse: "In New Orleans you can eat a Bouillabaisse, the likes of which was never eaten in Marseilles or Paris." The reason for this New Orleans triumph is two matchless fish from the waters of the Gulf of Mexico - the red snapper and the red fish. Use equal parts of each.
Serves: 6 - 8