You are right that there are about 10 million shares outstanding.
You're wrong on the rest. In the merger of AFN and Cohen Brothers, the AFN shareholders got about 60% and Cohen Brothers got about 40%. Because of a goofy tax saving structure, Danny also will ultimately have about 5 million shares of IFMI down the road. Thus, AFN holders got less than 50% for their $87 million in cash (and tons of tax loss carry forwards).
Cohen Brothers got the cash, but they also took on a similar amount of long term debt. Without a doubt Cohen needed the cash because their bank was on the war path and wanted to get repaid!!!!
They have not been minting a huge number of new shares and handing them out freely. As the majority shareholders this is not in their interest.