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If going into administration didn't kill Airdrie I doubt it will kill Hearts. They will be around for a long time to come. The only difference will be that they will have to share a ground, probably Murrayfield or maybe even out at Livingston (NOT ours) and will be playing in at least one division lower than us at all times. This will severely eat into their fan base. The long term damage the madman is doing is irreparable. Unless of course the madman has a $hitload of money to throw at them but I don't think so.
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It's happened to both Hibs and Hearts before. Hibs were out the box for about a year before the Farmer brothers resurrected the club. HMFC actaully went out of existence about 1877. The memebers joined a club called White Star and renamed it Heart of Mid-Lothian (as how the county used to be spelt). And the Airdrie supporters did the same a few years ago when they bought over the ailing Clydebank.