1. Preheat the oven to 325 degrees. Heat a medium saucepan of water to a boil.
  2. Trim and thinly slice the fennel bulbs. Add to the boiling water and cook for 10 minutes; drain. Place in a bowl and toss with 1 tablespoon of the butter and 1/4 teaspoon of the salt; set aside.
  3. Meanwhile, season the halibut with the remaining 3/4 teaspoon salt, the cracked pepper, and the red pepper. Heat remaining 2 tablespoons butter over medium-high heat in a large, oven-safe skillet. Add the fish and cook until lightly browned on one side, about 3 minutes. Arrange the fennel around the fish; sprinkle the Parmesan over the fennel.
  4. Roast until the fish is almost cooked through, about 7 minutes. Transfer fish and fennel to a platter; keep warm.
  5. Reheat the skillet over high heat. Add the Pernod, stirring to scrape up the browned bits from the pan, and cook for 1 minute. Spoon sauce over fish. Garnish with fennel fronds.