In a large saucepan, melt the butter over medium heat. Remove from heat, and stir in vanilla, eggs, sugar and red food coloring, Loran emulsion and mix until thoroughly combined. Mix in cocoa powder, flour, baking powder and salt until well blended. Finally fold in peppermint baking bits. Pour batter into prepared pan. Bake at 350 for 30-45 minutes. Let cool completely before frosting.