You can hold more than one, but unlike Chase biz cards, you cannot currently hold one and then apply for a new one.
I've never done it but I feel like I recall people calling in to do this and getting assistance that way. I guess the question would be who is earning the CP and who is booked on points? That would be the easiest way to do this... If you have the CP, and booked one of the others on points then I think you can call and get it switched easily. If you booked everybody else on cash, then you're going to end up with a credit in their name, but possibly still worth a phone call attempt. Also keep checking back... because space might free up on those flights at any time. If it does, and you have extra points... book your companion on points immediately to lock that in and then cancel their cash reservation.
Hopefully this makes sense because I'm trying to cover multiple scenarios in the same comment as I'm not sure how you're all booked.