There are a lot of different reports about this floating around, so it would be nice to hear something from Case directly about it. My impression from what they said at the interview and various reports from this forum over the last two cycles is this: Some people report that up to 2/3 thirds of Case acceptances come from the hold list. The hold list is generally a way of offsetting the rolling admissions process by deferring some admissions to the end of the season. There have been acceptances off the hold list reported as early as January, but it seems that most people who are accepted off the hold list hear in March after all the interviews are over. Case says on their website that the actual waitlist is drawn up in April :
"April 2008: Interviewed applicants "on hold after interview" are notified about alternate list decisions."
Best of luck to us all