Talk of another Rangers situation is just hype....and the situation is quite a bit different. For a start, they only have debts equating to something like £15 million (if you include what is being claimed by HMRC).
If Hearts go into administration then they are deducted 17 points (based on new rules put in place over the summer)....they would not be sent to Div 3. That only happened to Rangers because they moved the club into a new company.
Here's what I think might happen........
1. Hearts will go into administration.
2. That allows them to, legally, get rid of all the high earners....or renegotiate lower salaries.
3. Those owed the most (Romanov) will force through a CVA agreeing full payment.
4. Hearts will exit administration and continue as before till the end of the season...perhaps with a couple of million in the bank from the Share issue.
5. All of the above will happen prior to end of January, allowing them to then sign a player or two in the window....on lower wages.
6. They will avoid relegation because Dundee are so far behind everyone else in the league.
All the "cry for help" stuff is just playing to the fans and press to cover up the fact they are playing the system.