On November 4, 2005, Banco De Santander Central Hispano, S.A. («Banco') instituted an action in New York Supreme Court, pursuant to the Federal Arbitration Act ("fAA"), 9 U.S.C. § 10, to vacate an arbitration award, on the grounds that the arbitrators acted in manifest disregard of the law. On November 23, 2005, Consalvi International Inc. ("Consalvi'") filed a petition to remove the state action to Federal Court, pursuant to the removal statute 28 U.S.C. § 144l(b) and the removal provisions of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the "New York Convention" or the "Convention'). 9 U.S.C. § 205. Seven days later, Consalvi filed its cross-petition to confirm the arbitration award pursuant to 9 U.S.C. § 207.