apt-get -y --ignore-hold fails due to a held package

I install an older version of a package:

  wget http://updates.onlab.us/GPG-KEY-ONLAB
  sudo apt-key add GPG-KEY-ONLAB

  sudo sh -c 'echo "deb http://updates.onlab.us/debian stable/" >> /etc/apt/sources.list'

  sudo apt-get update
  sudo apt-get -y install flowvisor=0.8.7-1

I then tell dpkg to hold this package:

  echo "flowvisor hold" | sudo /usr/bin/dpkg --set-selections

I then try to upgrade the package:

  sudo apt-get install -y --ignore-hold flowvisor=0.8.17-3

I expected that to succeed non-interactively, because I said -y and --ignore-hold. Instead, I get this error:

  [12:49:25] jbs@jbsofsw-ubuntu:/home/jbs
  +$ sudo apt-get install -y --ignore-hold flowvisor=0.8.17-3
  Reading package lists... Done
  Building dependency tree
  Reading state information... Done
  The following held packages will be changed:
    flowvisor
  The following packages will be upgraded:
    flowvisor
  1 upgraded, 0 newly installed, 0 to remove and 110 not upgraded.
  Need to get 7245 kB of archives.
  After this operation, 2179 kB disk space will be freed.
  E: There are problems and -y was used without --force-yes

If I remove the hold:

  echo "flowvisor install" | sudo /usr/bin/dpkg --set-selections

I can then upgrade it with -y just fine.

ProblemType: Bug
DistroRelease: Ubuntu 12.04
Package: apt 0.8.16~exp12ubuntu10.5
ProcVersionSignature: Ubuntu 3.2.0-32.51-virtual 3.2.30
Uname: Linux 3.2.0-32-virtual x86_64
ApportVersion: 2.0.1-0ubuntu14
Architecture: amd64
Date: Mon Sep 16 13:48:19 2013
Ec2AMI: ami-00000085
Ec2AMIManifest: FIXME
Ec2AvailabilityZone: nova
Ec2InstanceType: xo.medium
Ec2Kernel: unavailable
Ec2Ramdisk: unavailable
SourcePackage: apt
UpgradeStatus: No upgrade log present (probably fresh install)