I have a spreadsheet fully working in Excel 2003. Within the spreadsheet are embedded images, on top of these is a much smaller picture placed in the top right of the embedded image. In excel 2003 the much smaller image is set to "Send to Front" and the embedded image is set to "Send to Back"

When I open the same spreadsheet in excel 2007, the much smaller picture that was at the font is now hidden away behind the embedded image, no matter how many times you press send to front/send to back it always remains hidden behind the embedded image.

Am I missing something here? is there a little tick box hidden away that will make it display the same as it does in Excel 2003?