We waited and we waited and we waited.

Sources had told us that there was going to be a board meeting at Continental Airlines today. So we waited.

No news.

Finally, I made the decision that we had to go ahead and post PBB.

Figures.

We post, and not 20 minutes later, news hits that the board did, in fact,  meet today, and in a follow-up note to employees, Larry Kellner has told them that the board has decided that a merger is not in the best interest of Continental at this time.

Continental executives told employees that the risks of such a deal outweigh the potential rewards.

The company says it will continue to review potential alliances and membership in SkyTeam.

Looking more and more like the scenario we outlined last week in PlaneBusiness Banter where we discussed why it was United Airlines and US Airways could do a deal together just picked up more weight.