We report the isolation, characterization, and reactions of the unsaturated complex L(tBu)Co (L(tBu) = bulky β-diketiminate ligand). The unusual slipped κN,η(6)-arene binding mode in L(tBu)Co interconverts rapidly and reversibly with the traditional κ(2)N,N' ligation mode upon binding of Lewis bases, making it a "masked" two-coordinate complex. The mechanism of this isomerization is demonstrated using kinetic studies. L(tBu)Co is a stable yet reactive synthon for low-coordinate cobalt(I) complexes and is capable of cleaving the C-F bond in fluorobenzene.