I had a similar issue with the current version of craftbukkit. The problem turned out to be in the "Obtaining Startup Script" section of the instructions. When you copy and paste the text for the start_server.command file it doesn't work. You have to go to text edit, delete the line breaks (paragraphs), and manually enter them yourself, otherwise it results in:
...
-bash: /Users/.../start_server.command: /bin/bash^M: bad interpreter: No such file or directory logout
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I had a similar issue with the current version of craftbukkit. The problem turned out to be in the "Obtaining Startup Script" section of the instructions. When you copy and paste the text for the start_server.command file it doesn't work. You have to go to text edit, delete the line breaks (paragraphs), and manually enter them yourself, otherwise it results in:
...
-bash: /Users/.../start_server.command: /bin/bash^M: bad interpreter: No such file or directory logout
[Process completed]
After having tried to run it several times with that error I got the "**** FAILED TO BIND TO PORT!" error. I found the solution here:
http://www.minecraftforum.net/topic/941881-bukkit-problems-on-mac/