From the way I heard it, holding them up is a slight misnomer, if technically accurate. It wasn't that he wanted more money, it was that he wanted his pay-per-view bonus money (which, if I remember correctly, is paid out 3 months after the pay-per-view in question) up front. He didn't want to have to screw around with the WWF office after he left, so he gave him the ultimatum (also, Jarrett LOATHED working with Chyna).
The reason that I say Jarrett holding them up is a "slight misnomer" rather than "inaccurate" is because there's a story involving a handshake deal with Jim Ross (Head of Talent Relations at the time), reneging on a handshake deal, and Jarrett doubling his price as a result that I've seen, but been unable to really confirm.
I'm not mad at Jarrett trying to get his bonus money up front before leaving, we know how Vince can be with payoffs.