I just had the same prob, which led me to your post... then we figured it out (at least in our case.) When the images were pasted into Excel, multiple sheets were selected. This pasted the image onto multiple sheets and prevented us from moving or editing the image in any way. I also noticed this issue the other day when I had multiple sheets selected and found that I was unable to move one of the page break preview lines. Once I deselected the other sheets, everything worked fine. As for the image, once we selected only one sheet we were able to move and edit the image. I hope this helps.