Thanks Bob ... don't understand why I couldn't figure that out, must have my head in the clouds
When you say "nested," do you mean as an anchored object? While the contols are in the same place, the rules for how text wrap works with anchored objects are different from the behavior you get with one that is free-floating. Wrap never affects lines previous to the line containng the anchor, and affects only following lines for cutom position anchored objects.
The bounding box is free floating ... a text graphic call out in a document layout.
Not an anchored object, but thank you for pointing out the difference - I'll make a note of that and I appreciate your assistance.