I`ve managed to recreate the samle (I think) error in versions 4.1.12 and 4.2.21 by adding this field

@ManyToOne
@JoinColumnsOrFormulas(value = {
        @JoinColumnOrFormula(column = @JoinColumn(name = "secondEntity_guid", referencedColumnName = "guid")),
        @JoinColumnOrFormula(formula = @JoinFormula(value = "1", referencedColumnName = "isLast"))
})
private SecondEntity secondEntity;

next to my collection. The error only happens if entity referenced by this field is contained within secondEntities collection at the same time.
Modified test example uncluded hibernate-test-modified.rar.
On the off chance that this is not related with the original example maybe I should create separate issue?