There is no hard evidence that cold soaking or extended maceration does anything to improve a wine.
Suggested reading for you:
Álvarez, I., Aleixandre, J.L., García, M.J. and Lizama, V. 2006. Impact of prefermentative maceration on the phenolic and volatile compounds in Monastrell red wines. Analytica Chimica Acta, 563, 109–115.
Arnold, R.A. and Noble, A.C. 1979. Am. J. Enol. Vitic., 30:3, 179-181.
Baumes, R., Bayonove, C., Cordonnier, R., Torres, P. and Seguin, A. 1989. Rev. Fr. Oenol., 116, 6-11.
Canals, R. Llaudy, M. C., Valls, J., Canals, J. M. and Zamora, F. 2005. Influence of Ethanol Concentration on the Extraction of Color and Phenolic Compounds from the Skin and Seeds of Tempranillo Grapes at Different Stages of Ripening. Journal Agricultural Food and Chemistry, 53, 4019-4025.
Charoenchai, C., Fleet, G.H., Henschke, P.A. & Todd, B.E.N. 1997. Screening of Non-Saccharomyces Wine Yeast for the Presence of Extracellular Hydrolytic Enzymes. Australian Journal of Grape and Wine Research, 3, 2-8.
Couasnon, M.B. 1999. Rev. Fr. Oenol., 92, 26-30
Cue?nat, P. 1998. Rev. Fr. Oenol., 170, 53-57.
Durbourdieu, D., Ollivier Ch. and Boidron, J.N. 1986. Conn. Vigne Vin, 20:1, 53-76.
Feuillat, M. 1997. Rev. Fr. Oenol., 82, 29-31.
García-Romero, E., Pe?rez-Coello, M., Cabezudo, M.D., Sánchez-Mun?oz, G., Marti?n-Alvarez, P.J. 1999. Fruity flavor increase of Spanish Aire?n white wines made by brief fermentation skin contact. Food Science and Technology International, 5:2, 149-157.
Girard, B., Yuksel, D., Cliff, M.A., Delaquis, P., Reynolds, A.G. 2001. Vinification effects on the sensory, colour and GC profiles of Pinot noir wines from British Columbia. Food Research International, 34:6, 483-499.
Heatherbell, D.; Dicey, M.; Goldsworthy, S.; Vanhanen, L. 1994. Effect of Prefermentation Cold Maceration on the Composition, Color and Flavor of Pinot Noir Wine. In: Proceedings of the Fourth International Symposium on Cool Climate Viticulture & Enology, pp VI-10 to VI-17. Lincoln University, PO Box 84, Canterbury, New Zealand (1994).
Ough, C.S. 1969. Am. J. Enol. Vitic., 20:2, 93-100.
Ough, C.S. and Berg, H.W. 1971. Am. J. Enol. Vitic., 22:3, 194-198.
Parenti, A., Spugnoli, P., Calamai, L., Ferrari, S., Gori, C. 2004. Effects of cold maceration on red wine quality from Tuscan Sangiovese grape. European Food Research and Technology, 218, 4, 360-366.
Parley, A. 1997. The Effect of Pre-Fermentation Enzyme Maceration on the Extraction and Stability of colour in Pinot noir wine.
http://www.thewinefly.com/. Accessed 10th May 2006.
Salinas, M.R., Garijo, J., Pardo, F., Zalacain, A. and Alonso, G.L. 2005. Influence of prefermentative maceration temperature on the colour and the phenolic and volatile composition of rosé wines. Alonso. Journal of the Science of Food and Agriculture, 85, 1527–1536.
Sánchez Palomo, E., Pérez-Coello, M.S., Díaz-Maroto, M.C., González Viñas, M.A. and Cabezudo, M.D.. 2006. Contribution of free and glycosidically-bound volatile compounds to the aroma of muscat ‘‘a petit grains’’ wines and effect of skin contact. Food Chemistry 95, 279–289.
Singleton, V.L., Sieberhagen, H.A., de Wet, P. and Van Wyk, C.J. 1975. Am. J. Enol. Vitic., 26:2, 62-69.
Watson, B.; Price, S.; Ping Chen, H.; Young, S.; Lederer, C.; McDaniel, M. Fermentation Practices in Pinot Noir: Effects on Color, Phenols, and Wine Quality. In: Proceedings of the Fourth International Symposium on Cool Climate Viticulture & Enology, pp VI-18 to VI-23. Department of Food Science and Technology, Oregon State University and Price Research Services and ETS Laboratories (1994).