Has the NYC Taxi Medallion bubble burst?

There are 13,437 medallions, the license to operate a taxi in NYC. This artificially imposed limited supply has lead to an exponential rise in the price of medallions over the decades. The recent advent of UBER has increased the vehicle supply, reduced ride fares and more importantly, pricked the medallion price bubble. The price of the NYC taxi medallions is falling rapidly from a peak of $1 million in less than one year. The stock price of the Medallion Taxi Corp is plummeting. Reason TV has done a great job in covering this story.

Should the companies that invested in inflated taxi market, or the people who borrowed (multiple refinancing) again the medallion  be bailed out now?