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1. Combine the vinegar, ¼ cup of scallions, tarragon, parsley and peppercorns in a small enameled or stainless-steel saucepan. Bring to a boil over high heat and cook briskly, uncovered, until reduced to about 2 tablespoons.
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2. Strain the liquid through a fine sieve into a small bowl, pressing down hard on the seasonings with the back of a spoon to extract all their juices before discarding the pulp. Set the strained liquid aside.
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3. In a heavy 8- to 10-inch skillet, melt the 12 tablespoons of butter bits over low heat, stirring so that the butter melts evenly without browning. Remove the pan from the heat and cover to keep the melted butter warm.
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4. Working quickly, combine the egg yolks and water in a 1½- to 2-quart enameled or stainless-steel saucepan, and beat with a wire whisk until the mixture is foamy.
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5. Then place the pan over the lowest possible heat and continue whisking until the mixture thickens and almost doubles in volume. Do not let it come anywhere near a boil or the yolks will curdle; if necessary, lift the pan off the heat from time to time to cool it.
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6. Still whisking constantly, pour in the reserved hot melted butter as slowly as possible and beat over low heat until the sauce thickens heavily. Beat in the reserved strained liquid, the lemon juice, ¼ teaspoon of red pepper and the salt, and taste for seasoning. Set it aside off the heat.
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