I found this around the top mechanism. Anyone have an idea of what it is or where it belongs?

 

For a Boxster there is one of something like that part on either side of the car under clam shell. A cable snaps to the ball and in some way plays a roll in how the Boxster top folds.


For a 911 Cab I can only offer the WAG it plays a similar role but where it might belong I can't say as I have never really had a chance to view the Cab top under the covers.

 

May be the forward mount for the hydralic cylinder for the clam shell. (on 986 )

 

That is a folding top pin, also known as a push rod ball stud. Part #: 986-561-689-00-OEM
The Convertible top push rods attach to it, but it appears to have broken off partway down the threaded bolt.
The push rod end cap is plastic, and is prone to failure, probably to avoid breaking the part you have.
There exist replacement parts that are heavier duty, but which may cause failure in the broken part you have.
There also exists a push rod repair kit containing both the ball stud and the push rod end caps.

Here's a view showing how it all connects together