Thanks for the well wishes guys, little update...
We checked video survelleince, craigslist, ebay etc, not much luck. There was a possible sighting last week but not much came of that.
Last night my girl and I were driving to the gym, and I spotted a scruffy looking kid walking down the other side of the road with it! Luckily the cobra has that red writing on the base, spotted it a mile off. I did a u-turn down the road, drove back past him, then parked in the employee housing parking lot - which was where he was headed. I pretended to get something out of my trunk as he walked past, then I followed him to his apartment. I didnt want to confront him in the lot - I was worried he would bolt and leave me with no trace. As he put the key in the door of his apartment I told him the deal. To cut a long story short, the cops were there a little while later and my buddy has his cobra back.
So if you see one in the valley, it is actually his board, search over!
Thanks again if you were looking for it!