This is a core proceeding that arose in a voluntary bankruptcy proceeding under Chapter 7 of the United States Bankruptcy Code. At issue is the dischargeability of a judgment entered against the debtor by the Chancery Court of Benton County, Arkansas. Under 11 U.S.C. § 523(a)(4), a debt for “fraud or defalcation while acting in a fiduciary capacity ...” is not dischargeable. We agree with the district court 1 that the judgment in question, 147 B.R. 489, rendered in the context of an accounting on dissolution of a partnership, was quite plainly based on a finding that the debtor had committed a defalcation in the context of a fiduciary relationship. Indeed, the judgment says specifically that Speight “breached his fiduciary duty to Laughter.”

We agree, too, with the district court’s conclusion that the fifteen-page judgment of the state court contained all that was necessary to establish, under well-known principles of collateral estoppel, that the judgment debt was not dischargeable.

We therefore affirm the district court on the basis of its well-reasoned opinion below.