Please describe in more detail what components are involved in your system. 'the PBX logger' doesn't mean anything to someone not familiar with your system. 'throw the data to the telnet' is a very un-descriptive term; please provide more details.
I will hazard a guess that you have an external box, the PBX, which produces serial data, presently being recorded by some method on a Windows PC. You want to be able to use a virtual Linux method to record the serial data, and to make it available to users connecting to the virtual host via telnet connections. If this guess is accurate, I can propose a solution, but I'll wait for you to confirm or clarify the requirements.