This is your code - It looks to me like you have taken an existing textpage with image, and inserted some text. Unfortunately, the text is inserting itself into some undired places int he code within the <textformat> setting which is used for the image. Also, are you sure there is not supposed to be "quotes" around the height and width values?
<br><br><TEXTFORMAT leading="100">This is a<br><br><br><img alt="" src="*yourlink*/content/textpage/pic4.jpg" width=492 height=100><br><br><br>Test page<br><br></TEXTFORMAT>
Try pasting this code instead:
This is a<TEXTFORMAT leading="100"><img alt="" src="*yourlink*/content/textpage/pic4.jpg" width="492" height="100" /></TEXTFORMAT>Test page
The <textformat> is a workaround to force the image to be a specific height. You should not have text within the textformat block. Unfortunately, the editor can't intercept all this for you, as we needed to tweak the editor a bit to make it work well with flash text.