Plugin name : WP 404 Images Fix
Release date : 2009-09-11
Description
Allows you to load a default alternative image where you are having image missing on your post. That is, if you embed an image in post, and the images is deleted or moved from the server, then you can load an alternative image to there by default.
You can also add class to the img tag or just hide the image from front end users. You don’t have to open each the post and remove code from it.
I’m using this plug-in for this blog itself 
Installation
1 . Unzip into your /wp-content/plugins/ directory.
2 . Activate the plugin through the ‘Plugins’ menu in WordPress
3 . Go to 404 Image Fix menu in admin panel
4 . Choose the option you want to do with missing image
Known issues
Please report issues in comments
