Floating wrapper figure with image drawn out of page

[Grzegorz Adam Hankiewicz]

I'm usiing Lyx 1.6.2 under Macosx to put a floating wrapped figure  
with a .tiff image inside a framed box. I don't know what I'm doing  
wrong, but the image is being placed near the bottom of the page so  
that it is half drawn outside, and the next page also contains the  
space reserved for the float, but with no image.

Difficult to explain, so here's the test case and generated pdf:
http://dl.getdropbox.com/u/145894/floating.lyx
http://dl.getdropbox.com/u/145894/floating.pdf

Any ideas on what could I do?