To restate what Ben Parker said a list "hold" and digest distribution at
the specified time are unrelated operations.  The digest consists of
material which *has* been distributed prior to the "hold," but does not
contain anything which is still in the "hold" queue.  The digest is not
sent *to* the list for distribution, so the hold does not apply, it is
sent *by* LISTSERV from the file built prior to the "hold."

I'm not sure, but I think, that if you have a hold and you don't free
it there will be no more digests as there will be nothing to compile
them from, so LISTSERV won't send them.  Not from experience, I've never
wanted to take the chance, I'm a coward, I don't like subscribers yelling
at me; do enough apologizing as it is.       Douglas