I decrypted the letter, but I don't know what to make of it. You found this among thieves in the Alterac foothills? Very strange... You should take this to the magistrate of Southshore. Although this letter is cryptic, his is the closest town to Alterac; if a threat is brewing, then he should know.
<name>. Have you been traveling through the foothills and mountains again? What news do you bring?
<Maleb reads the letter.>
This is translated from a letter you found in a Syndicate encampment? This was not written by a thief, or even a noble of Alterac.
It appears The Syndicate has ties to another power, and I shudder to think what that might be.