UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

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Rule 13d-1(b)

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Rule 13d-1(c)

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Rule 13d-1(d)

CUSIP No.  883435307

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Yaupon Partners L.P.   04-3429603

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

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(b)

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3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
715,000

6.

Shared Voting Power 
0

7.

Sole Dispositive Power 
715,000

8.

Shared Dispositive Power
0

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
715,000

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
5.37%

12.

Type of Reporting Person (See Instructions)
PN

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Lakeway Capital Management, LLC

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

ý

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
Delaware

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
1,138,749

6.

Shared Voting Power 
0

7.

Sole Dispositive Power 
1,138,749

8.

Shared Dispositive Power
0

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
1,138,749

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
8.55%

12.

Type of Reporting Person (See Instructions)
IA

1.

Names of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only)
Robert Lietzow

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)

ý

(b)

o

3.

SEC Use Only

4.

Citizenship or Place of Organization
United States

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

5.

Sole Voting Power
1,138,749

6.

Shared Voting Power 
0

7.

Sole Dispositive Power 
1,138,749

8.

Shared Dispositive Power
0

9.

Aggregate Amount Beneficially Owned by Each Reporting Person
1,138,749

10.

Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)  o

11.

Percent of Class Represented by Amount in Row (9)
8.55%

12.

Type of Reporting Person (See Instructions)
IN

Item 1.

(a)

Name of Issuer
Thermadyne Holdings Corp.

(b)

Address of Issuer’s Principal Executive Offices
16052 Swingley Ridge Road, Suite 300
Chesterfield, MO 63017

Item 2.

(a)

Name of Person Filing

(b)

Address of Principal Business Office or, if none, Residence

(c)

Citizenship

This Statement is being filed by Yaupon Partners, L.P. whose principal office is located at 840 Apollo Street, Suite 223, El Segundo, California 90245.  Yaupon Partners, L.P. may be deemed to have sole power to vote and dispose of 715,000 shares of Common Stock held of record by it. Lakeway Capital Management, LLC whose principal office is located at 840 Apollo Street, Suite 223, El Segundo, California 90245, is the general partner of Yaupon Partners, L.P. and as general partner may be deemed to have sole power to vote and dispose of a total of 715,000 shares of Common Stock held of record by Yaupon Partners, L.P. Lakeway Capital Management, LLC is an investment adviser registered with the State of California and has sole dispositive power with respect to a total of 1,138,749 shares of Common Stock managed by it on behalf Yaupon Partners, L.P. and its other clients.  Robert Lietzow, whose address is 840 Apollo Street, Suite 223, El Segundo, California 90245, as sole manager and sole member of Lakeway Capital Management, LLC may be deemed to have sole power with respect to 1,138,749 shares of Common Stock managed by Lakeway Capital Management, LLC.  Lakeway Capital Management, LLC and Robert Lietzow hereby disclaim beneficial ownership of, the foregoing shares.

(d)

Title of Class of Securities

(e)

CUSIP Number

This statement is being filed as to the Common Stock of Thermadyne Holdings Corp., CUSIP Number 883435307.

Item 3.

If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

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Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b)

o

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c)

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Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d)

o

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8).

(e)

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An investment adviser in accordance with §240.13d-1(b)(1)(ii)(E);

(f)

o

An employee benefit plan or endowment fund in accordance with §240.13d-1(b)(1)(ii)(F);

(g)

o

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

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A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

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A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

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Group, in accordance with §240.13d-1(b)(1)(ii)(J).

Not applicable.

Item 4.

Ownership

Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

Yaupon Partners, L.P.

(a)

Amount beneficially owned:   
715,000

(b)

Percent of class:   
5.37%

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote   
715,000

(ii)

Shared power to vote or to direct the vote    
0

(iii)

Sole power to dispose or to direct the disposition of   
715,000

(iv)

Shared power to dispose or to direct the disposition of   
0

Lakeway Capital Management, LLC

(a)

Amount beneficially owned:   
1,138,749

(b)

Percent of class:   
8.55%

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote   
1,138,749

(ii)

Shared power to vote or to direct the vote    
0

(iii)

Sole power to dispose or to direct the disposition of   
1,138,749

(iv)

Shared power to dispose or to direct the disposition of   

0

Robert Lietzow

(a)

Amount beneficially owned:   
1,138,749

(b)

Percent of class:   
0%

(c)

Number of shares as to which the person has:

(i)

Sole power to vote or to direct the vote   
1,138,749

(ii)

Shared power to vote or to direct the vote    
0

(iii)

Sole power to dispose or to direct the disposition of   
1,138,749

(iv)

Shared power to dispose or to direct the disposition of   
0

Item 5.

Ownership of Five Percent or Less of a Class

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following   o.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person

Not Applicable

Item 8.

Identification and Classification of Members of the Group

Not Applicable

Item 9.

Notice of Dissolution of Group

Not Applicable

Item 10.

Certification

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Dated:

April 11, 2005

Yaupon Partners , L.P.

Robert Lietzow

By:

/s/ Robert Lietzow

By:

/s/ Robert Lietzow

Robert Lietzow

Robert Lietzow,

Managing Member of its General Partner,

Lakeway Capital Management, LLC

Lakeway Capital Management LLC

By:

/s/ Robert Lietzow

Robert Lietzow, Managing Member