By ignoring page 235. It seems to be a crummy rule. How about "If he uses his Held Action during a Segment in which he would have had a Phase, that Phase is lost because he can only have one Phase at a time."
On the other hand, someone argued on the Cybergames boards that it shouldn't be done that way because if Character A has a higher DEX than Character B, Character A should have a chance to prevent B from using his held action by timing his move just right. E.G. if B is Holding until A closes, intending to Martial Throw A, A should be able to attack at the top of the Segment that B has his next Phase with impunity. I don't know if I agree with that, but that was the argument.