Floating Objects in Word 2000 Table Cells are Vertically Aligned Wrongly
http://word.mvps.org/FAQs/DrwGrphcs/W2kGraphicTblProb.htm

Meister, Cindy
Word MVP Site, The
2002

Abstract:

Whenever I insert a graphical object (picture, drawing object, etc.) into a Word 2000 table cell I lose the vertical formatting. The text is always aligned at the top of the cell, instead of being centered or at the bottom of the cell. Why, and what can I do about it?