Jimmy is the co-ceo of Diplomats Records and got his big break with his last album Hustler’s POME who went gold independantly fueled by his hit record Ballin and distribution from Koch Records.

MissInfo reports that over the past two months, he had met with Hip Hop, then went out to LA to hang out with Rick Rubin, they had hit it off, and the very next day, Rick was calling the lawyers to make it happen. Jimmy also said that of course Koch did some kicking and screaming, that as a result, they were broken off nicely, but that it still worked out. He has supposedly already been working on his new album, due out in early ‘08, and has even recorded a song with Rick Rubin himself.

Here’s what he offered to MissInfo on the phone : "I just left the lawyer’s office. I signed a multimillion dollar joint venture with Sony. My boss is Rick Rubin and Hip Hop (Kyambo Joshua who worked on all Jay’s albums) is doing my albums with me. What you think Jay-Z is gonna think about that ?"

"What’s crazy is that they gave me the same deal that Un and them fucked up back in the day when they got the Sony/Untertainment deal….I got that joint venture, that 50/50 split, they don’t give those out anymore. That’s a Dame Dash, Ruff Ryders deal. And I’m bout to go crazy with it. I’m gonna be a problem."