1. In a large skillet melt butter over medium heat and add mushrooms and shallot.
2. Saute until shallot is tender and mushrooms give up their liquid.
3. Stir in salt & pepper.
4. Reserve 1 Tablespoon of the pecans.
5. In blender or food processor blend remaining pecans until a paste is formed.
6. Add the mushroom mixture, cream and madeira, blending until smooth.
7. Spoon into a serving dish and sprinkle with reserved pecans.
8. Cover and refrigerate at least 2 hours.
9. Serve with crackers, melba rounds or party rye.