I have just had a very similar problem as UNTEngineer. Turns out it was a problem with my code causing the Teensy to hang (an eternal growing String), which for some reason meant the computer couldn't see it as a com port. Very frustrating as all of my troubleshooting Serial.print()'s weren't working! In my case, If I loaded the file which had the error in it, it caused the com port problem untill I restarted the computer, so even if I loaded a sample file, such as DigitalReadSerial, it still wouldn't see the com port! I could however load the "blink" file and see the LED happily flashing away.
For me, I got something along the lines of - Serial port couldn't be opened, try to close other programs using it when trying to open serial monitor.
For me, I got something along the lines of - Serial port couldn't be opened, try to close other programs using it when trying to open serial monitor.