Lost the master

JAMES: The douchebag at Kinko's lost our master, Joel! Can you help us record it again?
JOEL: Well, my boss caught on to what we were doing, so... NO. I can't even UNOFFICIALLY represent you anymore.
JAMES: So we did ALL that work, NOTHING came of it, and now you're ABANDONING us?
JOEL: Well, YES.
JOEL: So you really did get a taste of what it's like to be signed to a label.