Microsoft will host a DJ Summit, inviting some of the most popular DJ’s. Grandmaster Flash will address the DJ’s, who will represent all music genres. “Microsoft feels [the DJ's] are some of the most important people in the music business,” Flash told AllHipHop.com. The event is February 7-8 in Seattle.

   Antonio “LA” Reid, will head up Univeral’s Island Def Jam record label. Reid will become Chairman & CEO, in a 3 year, multi-million dollar agreement that he is expected to sign next week. Former Island Def Jam CEO Lyor Cohen left the label last week for a position at Warner Music Group.

   Debbie Nelson, the mother of Marshall “Eminem” Mathers, was dragged from her Honda Accord at a gas station on Eight Mile Rd at about 11:30 pm when a young man knocked on her window with a silver handgun and demanded she get out of the car. The suspect, a 16 year-old, was apprehended soon after about a mile from the gas station after he became stuck in traffic and attempted to flee.

   Legendary rapper Rakim is expected to make a full recovery after being injured in a car accident last week in Connecticut on his way to New York.

   Hip-hop heavy-hitters Dr. Dre, Eminem, and 50 Cent are expected to drop new albums by the end of the year, but the next project from the Shady crew will come from the group D12, who are finishing up their sophomore album, “D12 World” due in stores in April. As well as having Slim Shady in the group, the album will feature several guests including 50, Lloyd Banks and Young Buck of the G-Unit. Of course Dre will lay down a couple of tracks for the set. Eminem is also producing several beats for the group.

   The founder of No Limit Records Percy Miller aka Master P quietly filed for bankruptcy last Dec. 17, he’s scheduled to appear at a bankruptcy hearing next month.

   Nelly’s energy drink “Pimp Juice” has racked up over a million sales in just over three months. After being named “Best Energy Drink” by Vibe magazine and snagging The People’s Choice of Best Energy Drink in respected trade magazine Bev-Net, Nelly is aiming to distribute the drink via the Internet.

   Singer Faith Evans and her husband, Todd Russaw, have been arrested in the Atlanta area on drug possession charges. According to WSB-TV, Evans and Russaw were charged with possession of cocaine and marijuana and booked at the Fulton County Jail.

   In a story that has stirred some cyberspace controversy, Mos Def has been chosen to star as “Ford Prefect” in Spyglass Entertainment’s “The Hitchhiker’s Guide To The Galaxy.”