UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G
                                 (Rule 13d-102)

                    Under the Securities Exchange Act of 1934
                               (AMENDMENT NO. 1)*





                                 SR Telecom Inc.
 ------------------------------------------------------------------------------
                                (Name of Issuer)


                                  Common Stock
 ------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    78464P208
 ------------------------------------------------------------------------------

                                 (CUSIP Number)

                                January 31, 2005
 ------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant  to which this Schedule
is filed Rule 13d-1(b)

[ ]  Rule 13d-1(b)
[X]  Rule 13d-1(c)
[ ]  Rule 13d-l(d)

*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).





CUSIP No. 78464P208
--------------------------------------------------------------------------------

     1. NAMES OF REPORTING PERSONS
        I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
        Courage Special Situations Master Fund, L.P.
        -----------------------------------------------------------
--------------------------------------------------------------------------------

     2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE  INSTRUCTIONS)
        (a) [X] ---------------------------------------------------
        (b) [ ] ---------------------------------------------------
--------------------------------------------------------------------------------

     3. SEC USE ONLY -----------------------
--------------------------------------------------------------------------------

     4. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands
                                             ----------------------
--------------------------------------------------------------------------------

                  5.  SOLE VOTING POWER              515,914
                                                -------------------
Number of         --------------------------------------------------------------
Shares
Beneficially      6.  SHARED VOTING POWER               0
                                                -------------------
Owned by          --------------------------------------------------------------
Each Reporting
Person With       7.  SOLE DISPOSITIVE POWER         515,914
                                                -------------------
                  --------------------------------------------------------------

                  8. SHARED DISPOSITIVE POWER           0
                                                -------------------
--------------------------------------------------------------------------------

     9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                     515,914
--------------------------------------------------------------------------------

    10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN           [  ]
        SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------

    11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     2.93%
                                                         -----------------------
--------------------------------------------------------------------------------

    12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)           PN
                                                            -------
--------------------------------------------------------------------------------





CUSIP No: 78464P208
--------------------------------------------------------------------------------

     1. NAMES OF REPORTING PERSONS
        I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
        Courage Investments Inc.
        ------------------------------------------------------------------------
--------------------------------------------------------------------------------

     2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE  INSTRUCTIONS)
        (a) [X] ---------------------------------------------------
        (b) [ ] ---------------------------------------------------
--------------------------------------------------------------------------------

     3. SEC USE ONLY --------------------
--------------------------------------------------------------------------------

     4. CITIZENSHIP OR PLACE OF ORGANIZATION       Delaware
                                              ---------------------
--------------------------------------------------------------------------------

                  5.  SOLE VOTING POWER               515,914
                                                -------------------
Number of         --------------------------------------------------------------
Shares
Beneficially      6.  SHARED VOTING POWER                0
                                                -------------------
Owned by          --------------------------------------------------------------
Each Reporting
Person With       7.  SOLE DISPOSITIVE POWER          515,914
                                                -------------------
                  --------------------------------------------------------------

                  8. SHARED DISPOSITIVE POWER            0
                                                -------------------
--------------------------------------------------------------------------------

     9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                  515,9141 (1)
--------------------------------------------------------------------------------

    10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN           [  ]
        SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------

    11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     2.93%
                                                           ----------------
--------------------------------------------------------------------------------

    12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)        CO
                                                     ------------
--------------------------------------------------------------------------------


-----------------------------
(1) These shares  are beneficially  owned by Courage  Special Situations Master
Fund, L.P.





CUSIP No. 78464P208
--------------------------------------------------------------------------------

     1. NAMES OF REPORTING PERSONS
        I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
        Courage Capital Management, LLC
        -----------------------------------------------------------
--------------------------------------------------------------------------------

     2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE  INSTRUCTIONS)
        (a) [X] ---------------------------------------------------
        (b) [ ] ---------------------------------------------------
--------------------------------------------------------------------------------

     3. SEC USE ONLY  ----------------------
--------------------------------------------------------------------------------

     4. CITIZENSHIP OR PLACE OF ORGANIZATION      Tennessee
                                              ---------------------
--------------------------------------------------------------------------------

                  5.  SOLE VOTING POWER               515,914
                                                -------------------
Number of         --------------------------------------------------------------
Shares
Beneficially      6.  SHARED VOTING POWER                0
                                                -------------------
Owned by          --------------------------------------------------------------
Each Reporting
Person With       7.  SOLE DISPOSITIVE POWER          515,914
                                                -------------------
                  --------------------------------------------------------------

                  8. SHARED DISPOSITIVE POWER            0
                                                -------------------
--------------------------------------------------------------------------------

     9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                         515,914 (2)
--------------------------------------------------------------------------------

    10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN           [  ]
        SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------

    11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     2.93%
                                                           -----------------
--------------------------------------------------------------------------------

    12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)      OO
                                                    -----------
--------------------------------------------------------------------------------

-----------------------------
(2) These shares  are beneficially owned by Courage Situations Master Fund, L.P.
of which  Courage Investments Inc.  is the  general partner  and Courage Capital
Management, LLC is the investment manager.




CUSIP No. 78464P208
--------------------------------------------------------------------------------

     1. NAMES OF REPORTING PERSONS
        I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
        Richard C. Patton
        ------------------------------------------------------------------------
--------------------------------------------------------------------------------

     2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE  INSTRUCTIONS)
        (a) [X] ---------------------------------------------------
        (b) [ ] ---------------------------------------------------
--------------------------------------------------------------------------------

     3. SEC USE ONLY  ----------------------
--------------------------------------------------------------------------------

     4. CITIZENSHIP OR PLACE OF ORGANIZATION   Tennessee
                                             ---------------
--------------------------------------------------------------------------------

                  5.  SOLE VOTING POWER
                                                -------------------
Number of         --------------------------------------------------------------
Shares
Beneficially      6.  SHARED VOTING POWER             515,914
                                                -------------------
Owned by          --------------------------------------------------------------
Each Reporting
Person With       7.  SOLE DISPOSITIVE POWER
                                                -------------------
                  --------------------------------------------------------------

                  8. SHARED DISPOSITIVE POWER         515,914
                                                -------------------
--------------------------------------------------------------------------------

     9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                           515,914 (3)
--------------------------------------------------------------------------------

    10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN           [  ]
        SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------

    11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)     2.93%
                                                           -------------
--------------------------------------------------------------------------------

    12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)     IN
                                                    ---------
--------------------------------------------------------------------------------


-----------------------------
(3) These shares  are beneficially  owned by Courage  Special Situations  Master
Fund, L.P. of which Courage Investments, Inc. is the general partner and Courage
Capital Management, LLC is the investment manager. Richard Patton is a principal
member of Courage Capital Management, LLC.




CUSIP No. 78464P208
--------------------------------------------------------------------------------

     1. NAMES OF REPORTING PERSONS
        I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
        Donald Farris
        ------------------------------------------------------------------------

     2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE  INSTRUCTIONS)
        (a) [X] ---------------------------------------------------
        (b) [ ] ---------------------------------------------------
--------------------------------------------------------------------------------

     3. SEC USE ONLY ---------------------
--------------------------------------------------------------------------------

     4. CITIZENSHIP OR PLACE OF ORGANIZATION       California
                                                -------------------
--------------------------------------------------------------------------------

                  5.  SOLE VOTING POWER                  0
                                                -------------------
Number of         --------------------------------------------------------------
Shares
Beneficially      6.  SHARED VOTING POWER              515,914 
                                                -------------------
Owned by          --------------------------------------------------------------
Each Reporting
Person With       7.  SOLE DISPOSITIVE POWER               0
                                                -------------------
                  --------------------------------------------------------------

                  8. SHARED DISPOSITIVE POWER          515,914
                                                -------------------
--------------------------------------------------------------------------------

     9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                             515,914 (4)
--------------------------------------------------------------------------------

    10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN           [  ]
        SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------

    11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)   2.93%
                                                          ---------
--------------------------------------------------------------------------------

    12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)       IN
                                                     --------------
--------------------------------------------------------------------------------


-----------------------------
(4) These shares  are beneficially owned  by Courage Special  Situations  Master
Fund, L.P. of which Courage  Investments, Inc. is the general partner of Courage
Capital Management, LLC is the investment manager.  Donald Farris is a principal
member of Courage Capital Management, LLC.




Item 1.

            (a)    Name of Issuer:

                   SR Telecom Inc.

            (b)    Address of Issuer's Principal Executive Offices:

                   8150 Trans-Canada Highway
                   St. Laurent, Quebec  H4s 1M5
                   Canada
Item 2.

            (a)    Name of Person Filing:

                   Courage Special Situations Master Fund, L.P.
                   Courage Investments Inc.
                   Courage Capital Management, LLC
                   Richard C. Patton
                   Donald Farris
                           (collectively, the "Filers")

            (b)   Address of Principal Business Office or, if none, Residence:

                  Courage Capital Management, LLC,
                  Richard C. Patton and Donald Farris
                  4400 Harding Road
                  Nashville, TN 37205

                  Courage Investments Inc.
                  1403 Foulk Road, Suite 106-D
                  Wilmington, Delaware  19803

                  Courage Special Situations Master Fund, L.P.
                  Scotiatrust, 3rd Floor
                  Scotia Center, Cardinal Avenue
                  P.O. Box 501GT
                  George Town, Grand Cayman
                  Cayman Islands

            (c)   Citizenship:

                  For citizenship of Filers, see Section 4 of the cover sheet of
                  each filer.




            (d)    Title of Class of Securities:

                   Common Stock

            (e)    CUSIP Number:

                   78464P208

Item 3.     If This  Statement is Filed Pursuant to Rule 13d-l(b) or 13d-2(b) or
            (c), Check Whether the Person Filing is a:

            (a) [ ] Broker or dealer registered under  section 15 of the Act (15
                U.S.C. 78o),

            (b) [ ] Bank as  defined  in  section  3(a)(6) of the Act (15 U.S.C.
                78c).

            (c) [ ] Insurance company as defined in section  3(a)(19) of the Act
                (15 U.S.C. 78c).

            (d) [ ] Investment  company   registered  under  section  8  of  the
                Investment Company Act of 1940  (15 U.S.C. 80a-8).

            (e) [ ]  An investment adviser in accordance  with Rule l3d-1(b)(1)
                (ii)(E);

            (f) [ ] An employee  benefit plan  or endowment  fund in  accordance
                with Rule l3d-1(b)(l)(ii)(F);

            (g) [ ] A  parent  holding  company or  control person in accordance
                with Rule l3d-l(b)(1)(ii)(G);

            (h) [ ] A savings  associations  as defined in  Section  3(b) of the
                Federal Deposit Insurance Act (12 U.S.C. 1813);

            (i) [ ] A  church plan  that is excluded from  the  definition of an
                investment  company  under  section  3(c)(14) of  the Investment
                Company Act of 1940 (15 U.S.C. 80a-3);

            (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J)

                Not Applicable.

Item 4.     Ownership.

Provide the following  information regarding the aggregate number and percentage



of the class of securities of the issuer identified in Item 1.

            (a) Amount beneficially owned 515,914
                                          -------

            (b) Percent of class: 2.93%
                                 ------

            (c) Number of shares as to which the person has:

                (i) Sole power to vote or to direct the vote: 515,914
                                                              -------

                (ii)Shared power to vote or to direct the vote: 0
                                                               ----

                (iii) Sole power to dispose or to direct the  disposition of:
                      515,914
                      -------

                (iv) Shared power to dispose or to direct the disposition of: 0
                                                                             ---

Instruction.  For computations  regarding  securities which represent a right to
acquire an underlying security see Rule 13d-3(d)(1).

Item  5.    Ownership of Five Percent or Less of a Class.

If this  statement  is being filed to report the fact that as of the date hereof
the  reporting  person has ceased to be the  beneficial  owner of more than five
percent of the class of securities, check the following [x].

Instruction       Dissolution of a group requires a response to this item

Item 6.     Ownership of More than Five Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to direct
the  receipt  of  dividends  from,  or the  proceeds  from  the  sale  of,  such
securities,  a statement  to that effect  should be included in response to this
item and, if such interest relates to more than five percent of the class,  such
person  should be  identified.  A listing of the  shareholders  of an investment
company registered under the Investment Company Act of 1940 or the beneficiaries
of employee benefit plan, pension fund or endowment fund is not required.

Not applicable.

Item 7.     Identification  and Classification  of the Subsidiary Which Acquired
            the Security Being Reported on By the Parent Holding Company.

If a parent  holding  company  has filed this  schedule,  pursuant to Rule 13d-l
(b)(ii)(G),  so  indicate  under  Item 3(g) and attach an  exhibit  stating  the
identity and the Item 3 classification of the relevant  subsidiary.  If a parent
holding  company  has filed this  schedule  pursuant  to Rule  13d-l(c)  or Rule
13d-1(d),   attach  an  exhibit  stating  the  identification  of  the  relevant
subsidiary.

Not applicable.




Item 8.     Identification and Classification of Members of the Group.

If a group has filed  this  schedule  pursuant  to Rule  13d-l(b)(1)(ii)(J),  so
indicate  under Item 3(j) and attach an exhibit  stating the identity and Item 3
classification  of each member of the group.  If a group has filed this schedule
pursuant  to Rule  13d-l(c)  or Rule  13d-l(d),  attach an exhibit  stating  the
identity of each member of the group.

Courage Special Situations Master Fund, L.P. ("Courage Master") beneficially own
515,914 shares of SR Telecom's Common Stock. Courage Master's general partner is
Courage   Investments  Inc.   ("Courage   Investments").   Pursuant  to  trading
authorization documents,  Courage Capital Management, LLC ("Courage Capital"), a
registered investment adviser,  effectively controls the investment decisions of
Courage  Investments  with  respect  to  Courage  Master.   Courage  Capital  is
controlled by Richard C. Patton and Donald Farris.

Item 9.     Notice of Dissolution of Group.

Notice of dissolution of a group may be furnished as an exhibit stating the date
of the  dissolution and that all further filings with respect to transactions in
the security reported on will be filed, if required, by members of the group, in
their individual capacity. See Item 5.

Not applicable.

Item 10.    Certification.

                By signing below I certify that, to the best of my knowledge and
                belief,  the securities  referred to above were not acquired and
                are not held for the  purpose of or with the effect of  changing
                or  influencing  the control of the issuer of the securities and
                were not  acquired and are not held in  connection  with or as a
                participant in any transaction having that purpose or effect.







                                    SIGNATURE

After  reasonable  inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

                                                February 02, 2005
                                                ---------------------------
                                                Date


                                                COURAGE SPECIAL SITUATIONS
                                                MASTER FUND, L.P.
                                                By: Courage Investments Inc.
                                                    General Partner

                                                 By: /s/ Elizabeth L. Bothner
                                                     ---------------------------

                                                 Title: Assistant Vice President
                                                       -------------------------





                                    SIGNATURE

After  reasonable  inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

                                                February 02, 2005
                                                --------------------------
                                                Date


                                                COURAGE INVESTMENTS, INC.


                                                By: /s/ Elizabeth L. Bothner
                                                   -----------------------------

                                                Title: Assistant Vice President
                                                      --------------------------





                                    SIGNATURE

After  reasonable  inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

                                                February 02, 2005
                                                --------------------------
                                                Date


                                                COURAGE CAPITAL MANAGEMENT, LLC


                                                By: /s/ Richard C. Patton
                                                   -----------------------------

                                                Title: Chief Manager
                                                      --------------------------





                                    SIGNATURE

After  reasonable  inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

                                                February 02, 2005
                                                --------------------------
                                                Date


                                                /S/ Richard C. Patton
                                                --------------------------------
                                                RICHARD C. PATTON






                                    SIGNATURE

After  reasonable  inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

                                                February 02, 2005
                                                ---------------------------
                                                Date


                                                /s/ Donald Farris
                                                --------------------------------
                                                DONALD FARRIS