In some cases, especially when a Drop Shadow or Outer Glow is applied--InDesign includes extra space around the image to show the effect.
This results in images getting mis-positioned because their actual height/width don't match what InDesign says they are.
To compensate for this, in5 sometimes converts the text frames to outlines and compares their size in order to improve the positioning of the image.
In the case of this file, creating outlines causes the Object drop shadow to jump to the outlined text (because the background is removed).
You can test this in InDesign by choosing Type > Create Outlines.
To fix it: Use the InDesign Effects panel (found under Window) to remove the Object Drop Shadow FX. Then the Fill inside the Effects panel and apply the same Drop Shadow FX.
That Drop Shadow won't migrate when converted to outlines because InDesign knows that it belongs to the Fill (which is removed when text outlines are created).
Hopefully I can make in5 smart enough to do this automatically in the future, but there are a lot of variables, and it can be difficult to guess the intention of the designer.