Heat butter and oil in skillet. Add chops and sauté each side about 3 minutes. Put olives in cold water and bring to a boil. Drain and rinse.
Arrange cooked chops on hot platter, overlapping the tails. Keep warm in hot oven. Discard fat. Add Cognac, Madeira, stock, sugar, and tomato paste to skillet. Boil for 2 minutes. Add diced tomato and olives to skillet.