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

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                                  Entrust Inc.
- --------------------------------------------------------------------------------
                                (Name of Issuer)

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

                                   293848107
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

                               November 23, 2004
- --------------------------------------------------------------------------------
             (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(c)
[ ] Rule 13d-1(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. 293848107







1.       Names of Reporting Persons.
         I.R.S. Identification Nos. of above persons (entities only)

                Deephaven Capital Management LLC
                41-1908497


2.       Check the Appropriate Box if a Member of a Group (See Instructions)
         (a) N/A
         (b) N/A


3.       SEC Use Only


4.       Citizenship or Place of Organization

                Delaware

                        5.       Sole Voting Power
                                  3,499,330
Number of
Shares                  6.       Shared Voting Power
Beneficially                       0
Owned by
Each                    7.       Sole Dispositive Power
Reporting                         3,499,330
Person With
                        8.       Shared Dispositive Power
                                   0

9.       Aggregate Amount Beneficially Owned by Each Reporting Person
             3,499,330

10.      Check if the Aggregate Amount in Row (9) Excludes Certain Shares
         (See Instructions)
               N/A

11.      Percent of Class Represented by Amount in Row (9)
           5.59%

12.      Type of Reporting Person (See Instructions)

            OO





Item 1.
         (a)      Name of Issuer
                  Entrust Inc.

         (b)      Address of Issuer's Principal Executive Offices
                  4975 PRESTON PARK BLVD STREET
                  ONE PRESTON PARK SOUTH
                  PLANO TX 75093


Item 2.
         (a)      Name of Person Filing
                        Deephaven Capital Management LLC
         (b)      Address of Principal Business Office or, if none, Residence
                        130 Cheshire Lane, Suite 102, Minnetonka MN 55305
         (c)      Citizenship
                        Delaware
         (d)      Title of Class of Securities
                        Common
         (e)      CUSIP Number
                        293848107


Item 3.           If this statement is filed pursuant to ss.240.13d-1(b) or
                  240.13d-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
                           ss.240.13d-1(b)(1)(ii)(E);

         (f)      [ ]      An employee benefit plan or endowment fund in
                           accordance with ss.240.13d-1(b)(1)(ii)(F);

         (g)      [ ]      A parent holding company or control person in
                           accordance with ss.240.13d-1(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 withss.240.13d-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:
                    3,499,330
         (b)      Percent of class:
                    5.59%
         (c)      Number of shares as to which the person has:

                  (i)      Sole power to vote or to direct the vote:
                            3,499,330
                  (ii)     Shared power to vote or to direct the vote:
                            0
                  (iii)    Sole power to dispose or to direct the disposition
                           of:
                            3,499,330
                  (iv)     Shared power to dispose or to direct the disposition
                           of:
                            0

Instruction.  For computations  regarding  securities which represent a right to
acquire and underlying security see ss.240.13d3(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 [ ].

Instruction: Dissolution of a group requires a response to this item.

N/A

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.

N/A

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-1(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-1(c)  or Rule
13d-1(d),   attach  an  exhibit  stating  the  identification  of  the  relevant
subsidiary.

N/A

Item 8.  Identification and Classification of Members of the Group

If a group has filed  this  schedule  pursuant  to  ss.240.13d(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  ss.240.13d-1(c) or  ss.240.13d-1(d),  attach an exhibit stating the
identity of each member of the group.

N/A

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.

N/A

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.


Date December 6, 2004




Signature


/s/ Jim Korn
Jim Korn, Chief Legal Officer