Generously salt and pepper. Heat dutch oven to medium high, braise all sides of short ribs. Remove from pan. Pour out most of oil. Sauté chopped onions, carrots and celery. Scrape up brown bits on bottom of Dutch oven.
Add brown sugar, tomato paste, Worcestershire sauce, madiera, red wine, thyme and bay leaf and chicken stock. Cover and put in over 4-5 hours at 225'.