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1. Melt butter in Dutch oven over medium heat. Stir in onion and celery; cover and reduce heat to medium-low. Cook vegetables 6 minutes or until softened. Add corn; cover and cook 5 minutes more.
2. Stir in flour; cook, stirring, 1 minute. Add clam juice-water mixture, potatoes, salt, white pepper, thyme and bay leaf. Bring to boil; reduce heat, cover and simmer 15 minutes or until potatoes are tender. Stir lobster, cream and red and green bell peppers into soup; simmer 3 to 4 minutes more or until lobster is cooked through. Remove bay leaf. Serve with crusty bread, if desired. Makes 6 servings.