Cohen & Co Inc. — Director's Dealing 2009

Dec 18, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COHEN & Co INC. (COHN)
CIK: 0001270436
Period of Report: 2009-12-16

Reporting Person: Ricciardi Christopher (President, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-12-16	Common Stock, par value $0.001	A	1082622	—	Acquired	1419978	Direct
2009-12-16	Common Stock, par value $0.001	A	11291	—	Acquired	11291	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-12-16	Recapitalized Cohen Brothers Membership Units	$	A	268445	Acquired		Common Stock, par value $0.001 ()	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.001	37157	Indirect

Footnotes

F1: This number refers to shares of the Company's "post-reverse split common stock," as described in Note 3.

F2: Pursuant to the Agreement and Plan of Merger, dated February 20, 2009, as amended, by and among Alesco Financial Inc. (now Cohen & Company Inc., the "Company"), Alesco Financial Holdings, LLC, then a wholly owned subsidiary of the Company ("Merger Sub"), and Cohen Brothers, LLC ("CB"), Merger Sub merged with and into CB, with CB becoming a majority-owned subsidiary of the Company ("Merger"), and the reporting person acquired 1,082,622 post-reverse split shares of the Company's common stock in exchange for 1,082,622 recapitalized membership units of CB on December 16, 2009, the effective date of the Merger. The per share closing price of the Company's pre-reverse split common stock on December 16, 2009, as reported on the New York Stock Exchange ("NYSE"), was $0.65.

F3: Immediately prior to the Merger, (1) each then outstanding Class A membership unit of CB, together with one then outstanding Class B membership unit of CB, was recapitalized into 0.57372 of a recapitalized membership unit of CB, and (2) the Company completed a 1-for-10 reverse split of its common stock. Immediately following the Merger, the Company changed its name from Alesco Financial Inc. to Cohen & Company Inc. and the Company's post-reverse split shares began trading on the NYSE Amex under the trading symbol "COHN".

F4: This number includes 337,356 shares (post-reverse split of common stock) of the Company's common stock owned by the reporting person prior to the Merger.

F5: Each CB membership unit is redeemable at the reporting person's option, at any time on or after June 16, 2010, for (i) cash in an amount equal to the average of the per share closing prices of the Company common stock for the ten consecutive trading days immediately preceding the date the Company receives the reporting person's notice of redemption, or (ii) at the Company's option, one share of post-reverse split common stock of the Company after giving effect to a 1-for-10 reverse split of the Company's common stock on December 16, 2009 (or up to an aggregate of 268,445 of such shares if all of the recapitalized CB membership units are redeemed for shares), subject, in each case, to appropriate adjustment upon the occurrence of an issuance of additional shares of the Company's common stock as a dividend or other distribution on the Company's outstanding common stock, or a further subdivision or combination of the outstanding shares of the Company's common stock.

F6: Each CB membership unit was acquired upon the recapitalization of CB in exchange for 1.74301 Class A membership units of CB and 1.74301 Class B membership units of CB outstanding prior to the recapitalization.