CO does not allow waitlists on any codeshare flights as of approximately 18 months ago. We will only waitlist you on CO-operated planes. That's the policy. Some are ignorant of the policy. As far as I know, if you are already on a waitlist for a VS codeshare, it should still be effective.
The usual way to get the upgrade is to ask for it over the phone, as you've been doing. You could ask the agent if there are more than 3 seats left to sell in Upper Class. If not, it's a slim chance you would ever get the "R" bucket you need to upgrade. If you don't get the upgrade by 4 days before the flight, you are out of luck. All "R" class is removed 3 days prior.
Maybe you'll have better luck for the return on June 1, which will possibly be available in "R" on May 2.
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I am not a sanctioned representative of Continental on these boards, just an interested participant.
[This message has been edited by ResAgent86 (edited 04-27-2002).]