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No-one seems to comment that Circle's structure looks very similar to the deficit ridden Trust it is trying to turnaround.

The operating company - Circle Health - has been financed through equity and loans from the finance company - Circle Holdings which is AIM listed.

As at 31 December 2010, £115.9 million of the finance raised by Circle Holdings had been passed down to Circle. And no doubt since 31 December 2010 many more loans created.

Thus the shareholders of Circle (doctors, nurses, cleaners etc) will have to hope that the company does well enough to pay back the hedge fund paymasters before they have any hope of seeing any value.

I guess compared to their own "accumulated deficit", Hinchingbrooke's looks like small change.