Got another USB serial port and created a serial port loopback. I then pointed my test Applescript at one of the ports, and told Multicom to redirect the other one to the IP and port of the RFXCOM. Sent a serial command from my Applescript and....... it worked :-D I also knocked up a listener app which can detect commands coming back the other way and act upon them. So I now have total control over the RFXCOM from Applescript!
Anyone every used socat? It's a redirector which supports pty ports, so I believe I can use it to create a software loopback. The syntax looks extremely complicated though, and I don't really know what I'm doing!
Thanks for all the help so far :-)
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moto