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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001209191-09-001174.txt : 20090105
<SEC-HEADER>0001209191-09-001174.hdr.sgml : 20090105
<ACCEPTANCE-DATETIME>20090105182457
ACCESSION NUMBER:		0001209191-09-001174
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090105
DATE AS OF CHANGE:		20090105

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lietzow Robert F Jr
		CENTRAL INDEX KEY:			0001382947

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13023
		FILM NUMBER:		09507420

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		310.647.4214

	MAIL ADDRESS:	
		STREET 1:		840 APOLLO STREET
		STREET 2:		SUITE 223
		CITY:			EL SEGUNDO
		STATE:			CA
		ZIP:			90245

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			THERMADYNE HOLDINGS CORP /DE
		CENTRAL INDEX KEY:			0000850660
		STANDARD INDUSTRIAL CLASSIFICATION:	MACHINE TOOLS, METAL CUTTING TYPES [3541]
		IRS NUMBER:				742482571
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		16052 SWINGLEY RIDGE RD.
		STREET 2:		SUITE 300
		CITY:			CHESTERFIELD
		STATE:			MO
		ZIP:			63017
		BUSINESS PHONE:		636 728 3032

	MAIL ADDRESS:	
		STREET 1:		16052 SWINGLEY RIDGE RD.
		STREET 2:		SUITE 300
		CITY:			CHESTERFIELD
		STATE:			MO
		ZIP:			63017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TD II
		DATE OF NAME CHANGE:	19940131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TD II /DE/
		DATE OF NAME CHANGE:	19940131

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Lakeway Capital Management LLC
		CENTRAL INDEX KEY:			0001312550
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13023
		FILM NUMBER:		09507419

	BUSINESS ADDRESS:	
		STREET 1:		840 APOLLO STREET SUITE 223
		CITY:			EL SEGUNDO
		STATE:			CA
		ZIP:			90245
		BUSINESS PHONE:		310 647 4214

	MAIL ADDRESS:	
		STREET 1:		840 APOLLO STREET SUITE 223
		CITY:			EL SEGUNDO
		STATE:			CA
		ZIP:			90245

	FORMER NAME:	
		FORMER CONFORMED NAME:	Lakeway Capital Management
		DATE OF NAME CHANGE:	20041223
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c79073_4x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-12-31</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000850660</issuerCik>
        <issuerName>THERMADYNE HOLDINGS CORP /DE</issuerName>
        <issuerTradingSymbol>THMD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001312550</rptOwnerCik>
            <rptOwnerName>Lakeway Capital Management LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>840 APOLLO STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 223</rptOwnerStreet2>
            <rptOwnerCity>EL SEGUNDO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90245</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001382947</rptOwnerCik>
            <rptOwnerName>Lietzow Robert F Jr</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>840 APOLLO STREET</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 223</rptOwnerStreet2>
            <rptOwnerCity>EL SEGUNDO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90245</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-12-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1685160</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>6.87</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The filing of this Form 4 shall not be construed as an admission that Lakeway Capital Management, LLC or Robert F. Lietzow, Jr. is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, or otherwise the beneficial owner of any of the shares of common stock of Thermadyne Holdings Corporation (&quot;Common Stock&quot;) owned by Yaupon Partners, L.P., Yaupon Partners II, L.P. or Yaupon Fund Ltd.  Pursuant to Rule 16a-1, each of Lakeway Capital Management, LLC and Mr. Lietzow  disclaim such beneficial ownership.</footnote>
        <footnote id="F2">Lakeway Capital Management, LLC holds indirectly 0 shares of Common Stock on behalf of Yaupon Partners, L.P., Yaupon Partners II, L.P. and Yaupon Fund Ltd., of which Lakeway Capital Management, LLC is the investment manager. Robert F. Lietzow, Jr. reports the shares indirectly held by Lakeway Capital Management, LLC because, as the manager of Lakeway Capital Management, LLC at the time of disposition, he controlled the voting and disposition of the securities.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Robert F. Lietzow, Jr., manager of Lakeway Capital Management, LLC</signatureName>
        <signatureDate>2009-01-05</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Robert F. Lietzow, Jr.</signatureName>
        <signatureDate>2009-01-05</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
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