Drain the peaches, reserving the syrup, pour the syrup into a skillet. cook over high heat till the syrup is reduced and turns into caramel, about 9 minutes, shaking the pan near the end so that the caramel doesnt burn around the edges.
Add the peaches to the caramel and stir in the cream. Bring to a boil, stirring occasionally, to melt the caramel and combine it with the cream. boil for about 2 minutes, then transfer to a bowl to cool. stir in the cognac and lemon juice and add the water if to thick. cover and refrigerate until serving time. at serving time place a slice pound cake on four plates . arrange two peach halves on top each slice pound cake and coat with sauce sprinkle lightly with cinnamon. ummmmmm