Kansas City, Mo ? Farmland Industries Inc. warned its members Wednesday there might be little value left in what they own of the nation’s largest agricultural cooperative when it emerges from Chapter 11 bankruptcy.

“I want you to consider that there may be nothing left for owners in the end,” Henry Fehrenbacher, chairman of North America’s largest farmer-owned cooperative, told equity holders Wednesday at Farmland’s annual business meeting in Kansas City.

Farmland, which filed for Chapter 11 bankruptcy protection in May, says its beef and pork businesses are key to its recovery.

The cooperative plans to sell or reposition its petroleum and fertilizer businesses, including a shut-down facility in Lawrence.

Bob Terry, Farmland’s president and chief executive, says the company feels better about the long-term prospects of the meat business than its other businesses.

He said he expected the company to emerge from bankruptcy in six to nine months.