Basically Mic and Irv had a falling out.
Mic addresses it a lil here:
Reading between the lines, I think its fair to assume that Mic was feeling himself a bit too much during the time period when he was a minor star and cats like Irv, Ja, DMX, and Jay were pretty much nobodies. Even by Mic's own admission he insulted Irv on some "who the fukk is you?" shyt when Irv wanted to sign Mic to his production team. Must of been painful as shyt to watch Irv become one of the biggest power brokers in rap after his Vendetta album flopped, an album Im sure he thought would turn him a household star.
Classic example of why you shouldnt burn bridges, because the niccas you see on the way up are always the ones you see falling down. Had he remained tight with Irv, Ja, Jay, and X and not flexed on 'em, he woulda ate real nice when The Roc, Murda Inc, and Ruff Ryders took over the industry.