This command line is telling EleBBS to use the socket handle *H on serial port COM1 for a call that's already connected to COM1... The -C and -H options are mutually exclusive.
If you're trying to use Net2BBS as a replacement telnet server, do not pass any -C parameters at all. You'll use something along the lines of:
c:\ele\elebbs.exe -N*N -H*H -XT -XC -B115200
-XT: Use telnet session on provided socket handle
-XC: Don't close socket at end of session (let Net2BBS do the cleanup)
You're also going to need to set the startup directory to the proper node directory. I believe Net2BBS can use the *N macro in the directory definition, so something like C:\ele\Node*N\ for the start path. You may need to manually create a directory for each node you're going to allow since you no longer have the Ele telnet server available to do this for you.
--- SBBSecho 3.14-Win32
* Origin: The Fool's Quarter, fqbbs.synchro.net (21:1/149)
