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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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airdrie only survived because clydebank disappeared forever.
here's a bit wild arsed speculation for you; i can see hearts ending up being airdrie to a busted livi, in the clydebank role.
wind ups apart it would not be a bad move if they end up really in the shit.