COBOL to Java / C# Project Planning and Management - 10 Min Guide : http://youtu.be/mJqw-HEBIMQ
Also, If the objective is to translate the cobol to "legible/maintainable" Java code - then have a look at the tools provided by SoftwareMining - http://www.softwaremining.com .
The company licenses the translation tools to SIs or end-clients, so the work can be performed on client site, using the available resources. The tool has been used by SIs in quite a few successful COBOL to Java projects.
Cyrus.Montakab