Sounds like the Cocobolo is not dry. It is such an oily wood, it may look and feel dry, but it may not be. Olivewood has a tendency to act the same way...especially if it is from the olives trees that produce edible olives (as opposed to Russian or wild olive). It is also extrememly oily and may require extra time to completly dry. Ghasen at Bethlehem Olive Woods recommends a three year air dry...and all those "fast" methods will not drive the moisture out with all the oils present (he has experimented quite a bit with drying). He air drys his woods for 3 years.
John (doghouse) is also correct with sanding...too much heat will crack these woods also.
