no. Jay made that shyt up breh. biggest hoax ever, but Jay was smart and using it to gaslight the PUBLIC, not Nas...because Nas knew the truth. there was no Serchlight Publishing until probably around 2013.
Nas was signed to Serch and administered his publishing. Serch worked for another company that worked with Def Jam. He was clearing records for Rocafella. Jay got a good deal on the front end because of the connection. Zomba and Nas took 25% of the song. I am guessing here....but Nas should have taken 12.5% of that and Zomba got 11% and Serch got the other 1.5%.
Serchlight was a management company....later a promotion company, and later a publishing company. Again, Nas, Zomba and Lonnie Liston Smith own just as much as the song as Jay does.