serproxy - waiting for clients

I believe I may be having a similar problem. When I run Telnet this is what happens:
telnet localhost 5503
Trying ::1...
telnet: connect to address ::1: Connection refused
Trying 127.0.0.1...
telnet: connect to address 127.0.0.1: Operation timed out
telnet: Unable to connect to remote host

Any suggestions?