That's paranoid nonsense. Firstly, the collapse of Setanta has not affected Livingston one iota. Completely unrelated. Even then, if the SPHell fail again to get a deal with Sky, then they have all that is coming to them. Secondly, the only team I can think of remotely in a similar position to Livingston was Gretna. And look how that worked out.
Any team worth its salt have been preparing for times like these for a couple of years now. Which is why teams attempting to expand have fallen flat on their face, without exception.
I don't know the finances, but Livingston won't be the last, I agree with you there.