UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
Under the Securities Exchange Act of 1934
SR Telecom Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
78464P208
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(CUSIP Number)
December 31, 2004
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(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)
[X] Rule 13d-1(b)
[ ] 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
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Courage Capital Management, LLC
------------------------------------------------------------
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X] ----------------------------------------------------
(b) [ ] ----------------------------------------------------
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3. SEC USE ONLY --------------------------
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4. CITIZENSHIP OR PLACE OF ORGANIZATION Tennessee
-----------------------
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5. SOLE VOTING POWER 1,162,400 (1)
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Number of --------------------------------------------------------------
Shares
Beneficially 6. SHARED VOTING POWER 0
-----------------------
Owned by --------------------------------------------------------------
Each Reporting
Person With 7. SOLE DISPOSITIVE POWER 1,162,400 (1)
-----------------------
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0
-----------------------
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,162,400 (1)
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10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.60%
-----------------------
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12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO
----------------
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(1) 999,664 of these shares are beneficially owned by Courage Special Situations
Master Fund, L.P.; 11,624 of these shares are beneficially owned by Courage
Special Situations Fund-II, L.P. (Courage Investments Inc. is the general
partner of both funds and Courage Capital Management, LLC is the investment
manager with voting and disposition discretion for both funds); 58,120 of these
shares are beneficially owned by Dryden Investments BV; and the remaining 92,992
of these shares are beneficially owned by HFR ED Special Situations Master
Trust. Courage Capital Management, LLC is also the investment manager with
voting and disposition discretion with respect to the Dryden and HFR shares.
CUSIP No. 78464P208
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Courage Special Situations Master Fund, L.P.
------------------------------------------------------------
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X] ----------------------------------------------------
(b) [ ] ----------------------------------------------------
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3. SEC USE ONLY ------------------------------
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4. CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands
-----------------------
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5. SOLE VOTING POWER 999,664
-----------------------
Number of --------------------------------------------------------------
Shares
Beneficially 6. SHARED VOTING POWER 0
-----------------------
Owned by --------------------------------------------------------------
Each Reporting
Person With 7. SOLE DISPOSITIVE POWER 999,664
-----------------------
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0
-----------------------
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
999,664
--------------------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.68%
----------------------
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12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN
---------
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CUSIP No. 78464P208
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Courage Special Situations Fund-II, L.P.
------------------------------------------------------------
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X] ----------------------------------------------------
(b) [ ] ----------------------------------------------------
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3. SEC USE ONLY -------------------------
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4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------
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5. SOLE VOTING POWER 11,624
-----------------------
Number of --------------------------------------------------------------
Shares
Beneficially 6. SHARED VOTING POWER 0
-----------------------
Owned by --------------------------------------------------------------
Each Reporting
Person With 7. SOLE DISPOSITIVE POWER 11,624
-----------------------
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0
-----------------------
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11,624
--------------------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .06 %
----------------------
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12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN
-----------------
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CUSIP No. 78464P208
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Dryden Investments BV
------------------------------------------------------------
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X] ----------------------------------------------------
(b) [ ] ----------------------------------------------------
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3. SEC USE ONLY -------------------------------
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4. CITIZENSHIP OR PLACE OF ORGANIZATION Netherlands, Antilles
-----------------------
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5. SOLE VOTING POWER 58,120
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Number of --------------------------------------------------------------
Shares
Beneficially 6. SHARED VOTING POWER 0
-----------------------
Owned by --------------------------------------------------------------
Each Reporting
Person With 7. SOLE DISPOSITIVE POWER 58,120
-----------------------
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0
-----------------------
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,120
--------------------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .33%
-----------------------
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12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) OO
-------------
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CUSIP No. 78464P208
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
HFR ED Special Situations Master Trust
------------------------------------------------------------
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X] ----------------------------------------------------
(b) [ ] ----------------------------------------------------
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3. SEC USE ONLY ----------------------------------
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4. CITIZENSHIP OR PLACE OF ORGANIZATION Bermuda Unit Trust
-----------------------
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5. SOLE VOTING POWER 92,992
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Number of --------------------------------------------------------------
Shares
Beneficially 6. SHARED VOTING POWER 0
-----------------------
Owned by --------------------------------------------------------------
Each Reporting
Person With 7. SOLE DISPOSITIVE POWER 92,992
-----------------------
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 0
-----------------------
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
92,992
--------------------------------------------------------------------------------
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN [ ]
SHARES (SEE INSTRUCTIONS)
--------------------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) .53%
-----------------------
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) 00
--------------
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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
-----------------------
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5. SOLE VOTING POWER 0
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Number of --------------------------------------------------------------
Shares
Beneficially 6. SHARED VOTING POWER 1,011,288 (2)
-----------------------
Owned by --------------------------------------------------------------
Each Reporting
Person With 7. SOLE DISPOSITIVE POWER 0
-----------------------
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 1,011,288 (2)
-----------------------
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,011,288 (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) 5.74%
-----------------------
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) CO
------------
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-----------------------------
(2) 999,664 of these shares are beneficially owned by Courage Special Situations
Master Fund, L.P. and 11,624 of these shares are beneficially owned by Courage
Special Situations Fund-II, L.P. Courage Investments Inc. is the general partner
of both funds and Courage Capital Management, LLC is the sole investment adviser
with voting and disposition discretion for both funds.
CUSIP No. 78464P208
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Richard C. Patton
------------------------------------------------------------
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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 1,162,400 (3)
-----------------------
Owned by --------------------------------------------------------------
Each Reporting
Person With 7. SOLE DISPOSITIVE POWER
-----------------------
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 1,162,400 (3)
-----------------------
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,162,400 (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) 6.60%
--------------
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN
----------
--------------------------------------------------------------------------------
-----------------------------
(3) 999,664 of these shares are beneficially owned by Courage Special Situations
Master Fund, L.P.; 11,624 of these shares are beneficially owned by Courage
Special Situations Fund-II, L.P. (Courage Investments Inc. is the general
partner of both funds and Courage Capital Management, LLC is the investment
manager with voting and disposition discretion for both funds); 58,120 of these
shares are beneficially owned by Dryden Investments BV; and the remaining 92,992
of these shares are beneficially owned by HFR ED Special Situations Master
Trust. Courage Capital Management, LLC is also the investment manager with
voting and disposition discretion with respect to the Dryden and HFR shares.
Richard Patton is a principal member of Courage Capital Management, LLC.
CUSIP No. 78464P208
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1. NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Donald Farris
------------------------------------------------------------
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [X] ----------------------------------------------------
(b) [ ] ----------------------------------------------------
--------------------------------------------------------------------------------
3. SEC USE ONLY -----------------------------
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4. CITIZENSHIP OR PLACE OF ORGANIZATION California
-----------------------
--------------------------------------------------------------------------------
5. SOLE VOTING POWER 0
-----------------------
Number of --------------------------------------------------------------
Shares
Beneficially 6. SHARED VOTING POWER 1,162,400 (4)
------------------------
--------------------------------------------------------------
Owned by
Each Reporting
Person With 7. SOLE DISPOSITIVE POWER 0
------------------------
--------------------------------------------------------------
8. SHARED DISPOSITIVE POWER 1,162,400 (4)
------------------------
--------------------------------------------------------------------------------
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,162,400 (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) 6.60%
--------------
--------------------------------------------------------------------------------
12. TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) IN
----------------
--------------------------------------------------------------------------------
-----------------------------
(4) 999,664 of these shares are beneficially owned by Courage Special Situations
Master Fund, L.P.; 11,624 of these shares are beneficially owned by Courage
Special Situations Fund-II, L.P. (Courage Investments Inc. is the general
partner of both funds and Courage Capital Management, LLC is the investment
manager with voting and disposition discretion for both funds); 58,120 of these
shares are beneficially owned by Dryden Investments BV; and the remaining 92,992
of these shares are beneficially owned by HFR ED Special Situations Master
Trust. Courage Capital Management, LLC is also the investment manager with
voting and disposition discretion with respect to the Dryden and HFR shares.
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 Capital Management, LLC for itself, Richard Patton,
Donald Farris and as registered investment adviser to:
Courage Special Situations Master Fund, L.P.
Courage Special Situations Fund-II, L.P.
Dryden Investments BV
HFR ED Special Situations Master Trust
Courage Investments Inc.
(collectively, the "Filers")
(b) Address of Principal Business Office or, if none, Residence:
Courage Special Situations Master Fund, L.P.
Scotiatrust, 3rd Floor
Scotia Center, Cardinal Avenue
P.O. Box 501GT
George Town, Grand Cayman
Cayman Islands
Dryden Investments BV
c/o Intimis Management Company NV
John B. Gorsiraweg 14
Curacao, Netherlands Antilles
HFR ED Special Situations Master Trust
c/o HFR Asset Management, L.L.C.
10 S. Riverside Plaza, Suite 1450
Chicago, Il. 60606
Courage Capital Management, LLC,
Richard C. Patton and Donald Farris
4400 Harding Road
Nashville, TN 37205
Courage Investments Inc. and Courage Special
Situations Fund-II, L.P.
1403 Foulk Road, Suite 106-D
Wilmington, Delaware 19803
(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) [X] 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)
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 1,162,400 (5)
--------------
(b) Percent of class: 6.60%
------------
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 0
------
(ii)Shared power to vote or to direct the vote: 1,162,400 (5)
-------------
(iii) Sole power to dispose or to direct the disposition of: 0
----
(iv) Shared power to dispose or to direct the disposition of:
1,162,400 (5)
-------------
Instruction. For computations regarding securities which represent a right to
acquire an underlying security see Rule 13d-3(d)(1).
(5) 999,664 of these shares are beneficially owned by Courage Special Situations
Master Fund, L.P.; 11,624 of these shares are beneficially owned by Courage
Special Situations Fund-II, L.P of which Courage Investments Inc. is the general
partner and Courage Capital Management, LLC is the investment manager with
voting and disposition discretion and 58,120 of these shares are beneficially
owned by Dryden Investments BV and the remaining 92,992 of these shares are
beneficially owned by HFR ED Special Situations Master Trust. Courage Capital
Management, LLC is the investment manager with voting and disposition discretion
with respect to the Dryden and HFR shares. Richard Patton and Donald Farris are
principal members of Courage Capital Management, LLC.
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 [ ].
Not applicable.
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.
Not applicable.
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 11, 2005
-----------------
Date
COURAGE CAPITAL
MANAGEMENT, LLC, as Investment
Adviser
By: /s/ Richard C. Patton
---------------------------
Title: Chief Manager
------------------------