Add water, chicken broth, heavy cream, and salt to a large pot. Bring to a boil. Once the liquid comes to a boil, stir in grits. Again, bring to a boil and reduce to a simmer. Simmer while stirring frequently for 35-40 minutes until grits are cooked. They should be soft, but still have a slight bite and texture to them. They will be very creamy. Season with salt and pepper.
Get a really good pair of kitchen shears. Starting at the very end of the tail, cut a slit all the way up to where the flesh is. Use the shears to cut the upper part of the shell down the middle, lengthwise. Do the same to the bottom part of the shell. Use the shears to swiftly cut the shell and the meat all the way through.
Season lobster tails with salt, pepper, and ½ teaspoon old bay seasoning. Heat a large sauté pan to a medium heat. Add 2 teaspoons olive oil. Once the oil is hot, add lobster tails, shell-side down. Cook for 2-3 minutes until they start to turn red and flip over so they are flesh-side down. Cook another 1-2 minutes until the shell is bright red and the flesh is white. DO NOT OVERCOOK!
Remove the lobster tails from the pan and add another teaspoon of olive oil, along with garlic, green pepper, and another ½ teaspoon Old Bay. Saute for 2-3 minutes until slightly softened. Stir in chicken stock, lemon juice, and remaining old bay. Bring to a boil and reduce to a simmer. Simmer until reduced by half. Season to taste with salt and pepper.
Remove lobster tails from the shells. Stir in remaining ¼ cup heavy cream to the grits. Season to taste with salt and pepper.
Spoon grits into four bowls. Top with lobster. Spoon sauce and green peppers on top. Garnish with parsley.
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