In Bank of Tokyo-Mitsubishi, Ltd., New York Branch v. Kvaerner a.s., 243 A.D.2d 1, 671 N.Y.S.2d 905 (1st Dept. 1998), the First Department upheld a stay of proceedings pending a previously commenced arbitration taking place in North Carolina. However, there, the court stayed the proceeding after finding that "the issue sought to be litigated in this action is exactly the issue subject to arbitration in North Carolina between the owner and the joint venture." Id. at 8. Moreover, the court noted that while the parties in the two matters "are nominally different the rights they seek to litigate are indistinguishable from those of the parties in the ongoing arbitration." Id. at 9.