Have you tried disconnecting the Cobalt from the USB adapter and doing a manual reset- holding Back and Select buttons down for 11 seconds or more? If the reset is attempted while the USB connection is still present it will send the Cobalt into boot mode, and the display won't come up. The fact that the Bootloader is showing on the desktop indicates that the Mac is seeing the Cobalt's processor through the USB connection, it's enumerating and would be running properly, but there could be problems transferring a file if the data line is disrupted- maybe try another cable or port? To the Mac, the Cobalt will look just like any other mass storage device. If an manual reset doesn't work let me know what version of Mac OS you have and what version of the Cobalt firmware you were updating from and we will keep digging.
Ron