It still makes *no* sense for Cohen to be speaking of the head of AMI (David) rather than Trump's alias (David) when he says he needs a shell corp for the "transfer of all of that info regarding our friend, David." What info "regarding" the AMI head would Cohen be nervous about?
2/ There's an explanation for this: the tape makes clear Cohen and Trump had been having an ongoing discussion about making a payment to AMI. It's possible the first reference to David is to Trump's alias (David Dennison) while a later reference to "he" is indeed to David Pecker.
3/ The assumption being made by media is that because a later "he" in the conversation seems to refer to David Pecker of AMI, so must an earlier reference to "David." But Trump and Cohen were in an ongoing shorthand conversation, and knew two Davids were involved in the AMI deal.
4/ In other words, by the time Cohen gets to the "he" the media is assuming references David Pecker, it would already have been clear to Trump that the two men were speaking of a transaction with Pecker, the head of AMI. It wasn't necessary to say "David Pecker" at that point.
