Abstract: A cushioning conversion machine which converts a multi-ply sheet stock material into a cushioning product is characterized by an arrangement and methodology that minimizes slack in the inner ply payed off of a stock roll that might lead to the formation, upstream of the conversion components, of a "bag" that negatively impacts the integrity or quality of the cushioning product upon passage through conversion components of the machine. In a preferred embodiment, a guide member is interposed between ply separator members and a forming assembly to bring the outer edges of the plies substantially back together downstream of the separator members and before passage to the conversion components. The guide member is positioned to deflect at least the outer edges of at least one ply away from the path that it would otherwise follow if not guided over the guide member.