To reproduce the problem:
1. Apply the patch for Bug 7703 if necessary.
2. Perform a search which will return one or more titles which have no items.
3. Select multiple titles in those results, including one or more titles with no items.
4. Click the "Place hold" button.
You will be shown a page which is blank except for an error message: "
Cannot place hold: this record has no items attached."
Just as the multi-holds process can intelligently skip holds on titles with items which cannot be placed on hold, so should it be able to skip titles with no items and place holds only on the titles which have available items.