Your in a bit of trouble. There is not a homing sequence for Cobra lathes. They have "Absolute Encoders". The machine's "whereabouts" are held in memory via a 6V battery. When the battery goes, (and it does on cue every year to year and a half) the machine will be lost and you will get this alarm.
Don't panic though. Hardinge has the best support. Call service and the tech. will FAX or email you the procedure. It is a good size procedure that will take you a hour or two to get it right. Also, order the battery from hardinge. It's like $125.00 but it will fit and get you up and running. Some guys modify their machines to run on D cells. You can do this but it takes time. Don't bother to try to find the battery on-line or somewhere else. They want you to buy 100 batteries for the discount price.
This guy maybe able to help you out: I just found him a while ago but I have not needed Bats. as of late, (thank god)