Black Voices reports that at last week's Jackie Robinson Awards honouring P Diddy with the 'Renaissance Man of the Decade' prize, the Def Jam Records founder attempted to make amends with Cosby following a longstanding dispute over the actor's anti-hip-hop educational campaign.
"I wanted to find him to apologise, to tell him I was sorry about my statements and to tell him that I loved him," Simmons recalled.
"Suddenly, I turned and he was behind the curtain and I said, 'I love you,' and he responded on some real hip-hop, 'Get the f**k out my face!'"
However, the hip hop mogul insisted that he was not discouraged by Cosby's response, adding: "His next move was straight-up old-school pre-b-boy hood s**t. He walked by me and bumped me with his shoulder as I walked offstage after presenting my award to [Diddy], just like the cool-ass character in Let's Do It Again.
"I then loved him even more. He's from the same hood I'm from, just got a lucky break like me, cause I am those suffering men. And after that elbow, I knew he was too."
Simmons was recently announced as the recipient of the 2011 'Excellence In Media' prize at this year's GLAAD Awards while Cosby was honoured with a special US Navy rank.