Rectypes: compiler with implicts hangs but normal one gives an error (as expected).

[Kakadu]

I'm kind of confused. I hope I will wake up in the morning and it will stop hanging
Happens both in default opam version (see log below) and mine 4.02.3+implicits. When I write ~init:start it seems not to hang.

➜  /tmp evalopam 
4.02.1+dev0-2014-08-29
/home/kakadu/.opam/4.02.0+modular-implicits/lib/ocaml
➜  /tmp cat a.ml 
open Printf
open Asttypes
open Parsetree
open Longident
open StdLabels


let is_fresh e =
  match e.pexp_desc with
  | Pexp_ident i when i.txt = Longident.Lident "fresh" -> true
  | _ -> false



let list_fold ~f xs =
  match xs with
  | [] -> failwith "bad argument"
  | start::xs -> List.fold_left ~init:(f start) ~f xs

let rec pamk_e mapper e : expression =
  match e.pexp_desc with
  | Pexp_apply (e1, (_,args) :: body) when is_fresh e1 -> begin
      let new_body : expression =
        match body with
        | [(_,body)] -> pamk_e mapper body
        | ____ ->
           list_fold (List.rev body)
                     ~f:(fun acc (_,x) -> [%expr [%e (pamk_e mapper x)] &&& [%e acc]])

      in
      {e with pexp_desc=Pexp_apply (e1,[Papp_simple,new_body]) }
    end
  | _ -> e
➜  /tmp ocamlfind ocamlc -c -g -package compiler-libs.common -rectypes a.ml
findlib: [WARNING] Interface topdirs.cmi occurs in several directories: /home/kakadu/.opam/4.02.0+modular-implicits/lib/ocaml, /home/kakadu/.opam/4.02.0+modular-implicits/lib/ocaml/compiler-libs
ocamlc.opt got signal and exited

P.S. rectypes switch causes the hanging!