THERMADYNE HOLDINGS CORP /DE
4, 1998-06-10
MACHINE TOOLS, METAL CUTTING TYPES
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<PAGE>

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

( ) Check this box if no longer subject to Section 16.  Form 4 or
    Form 5 obligations may continue.  See Instruction 1(b).

1.  Name and Address of Reporting Person

    Magten Asset Management Corp.
    35 E. 21st St.
    New York, New York 

2.  Issuer Name and Ticker or Trading Symbol

    Thermadyne Holdings Corporation 
    TDHC

3.  IRS Number of Reporting Person (Voluntary)

4.  Statement for Month/Year

    5/98

5.  If Amendment, Date of Original (Month/Year)
    

6.  Relationship of Reporting Person(s)to Issuer (Check all
    applicable)
    (  ) Director  ( ) 10% Owner+ (  ) Officer (give title below)
    (X) Other (specify below)
    Shareholder - Registered Investment Advisor


7.  Individual or Joint/Group Filing (check Applicable Line)
      X    Form filed by One Reporting Person
           Form filed by More than One Reporting Person



<PAGE>

<TABLE>
<CAPTION>
                                         TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED,
                                               DISPOSED OF, OR BENEFICIALLY OWNED
<S>                   <C>             <C>             <C>                     <C>                  <C>            <C>
1. Title of Security| 2. Transaction| 3. Transaction| 4. Securities         | 5. Amount of       | 6. Ownership  |7.  Nature of |
   (Instr. 3)       |    Date       |    Code       |    Acquired (A)       |    Securities      |    Form:      |    Indirect  |
                    |               |    (Instr. 8) |    or Disposed        |    Beneficially    |    Direct (D) |    Beneficial|
                    |    (Month/    |               |    of (D)             |    Owned at End    |    or Indirect|    Ownership |
                    |    Day/       |               |    (Instr. 3,4,       |    of Month        |    (I)        |    (Instr. 4)|
                    |    Year)      |               |    and 5)             |    (Instr. 3 and 4)|    (Instr. 4) |              |
                    |               |          |    |          |(A) or|     |                    |               |              |
                    |               |    Code  | V  |    Amount|(D)   |Price|                    |               |              |
_________________________________________________________________________________________________________________________________
Common Stock          5/27/98         S              3,250,434   D     $34.50           267,339       I            (1)

- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                           TABLE II -- DERIVATIVE SECURITIES ACQUIRED,
                                               DISPOSED OF, OR BENEFICIALLY OWNED
<S>                  <C>           <C>          <C>          <C>               <C>                 <C>
1. Title of        | 2. Conver-  | 3. Trans-  | 4. Trans-  | 5. Number of    | 6. Date Exer-     | 7. Title and Amount |
   Derivative      |    sion or  |    action  |    action  |    Derivative   |    cisable and    |    of Underlying    |
   Security        |    Exercise |    Date    |    Code    |    Securities   |    Expiration     |    Securities       |
   (Instr. 3)      |    Price of |    (Month/ |    (Instr. |    Acquired     |    Date           |    (Instr. 3 and 4) |
                   |    Deri-    |    Date/   |    8)      |    (A) or       |    (Month/Day/    |                     |
                   |    vative   |    Year)   |            |    Disposed of  |    Year)          |                     |
                   |    Security |            |            |    (D) (Instr.  |                   |                     |
                   |             |            |            |    3, 4 and 5)  |                   |                     |
                   |             |            |____________|_________________|___________________|_____________________|
                   |             |            |      |     |        |        |         |         |        |            |
                   |             |            |      |     |        |        | Date    | Expira- |        | Amount or  |
                   |             |            |      |     |        |        | Exer-   | tion    |        | Number of  |
                   |             |            | Code |  V  |  (A)   |  (D)   | cisable | Date    | Title  | Shares     |
___________________|_____________|____________|______|_____|________|________|_________|_________|________|____________|

                   |             |            |      |     |        |        |         |         |        |            |
                   l             l            l      l     l        l        l         l         l        l            l
</TABLE>


<TABLE>
   <S>                    <C>                 <C>                 <C> 
|  8. Price of          | 9. Number of      | 10. Ownership     | 11. Nature of   |
|     Derivative        |    derivative     |     Form of       |     Indirect    |
|     Security          |    Securities     |     Derivative    |     Beneficial  |
|     (Instr. 5)        |    Benefi-        |     Security      |     Ownership   |
|                       |    cially         |     Direct (D)    |     (Instr. 4)  |



<PAGE>

|                       |    Owned at       |     or Indirect   |                 |
|                       |    End of         |     (I) (Instr.   |                 |
|                       |    Month          |     4)            |                 |
|                       |    (Instr. 4)     |                   |                 |
</TABLE>



<PAGE>

Explanation of Responses:

(1)   The amount of securities shown in columns 4 and 5 of Table
      I of this Form 4 is owned beneficially by discretionary
      accounts managed by Magten Asset Management Corp.
      ("Magten").  Magten disclaims any beneficial ownership of
      any such securities reported herein for purposes of Section
      16 or for any other purpose.  Nonetheless, the entire
      amount of securities held by the accounts is reported
      herein.

+     The Reporting Person may be deemed to be a member of a
      group holding equity securities of the Issuer.  The filing
      of this report shall not be deemed to be an admission that
      the Reporting Person is a member of such a group.


MAGTEN ASSET MANAGEMENT CORP.

By: /s/ Talton R. Embry      June 10, 1998
__________________________   _________________

By: Talton R. Embry

**    Intentional misstatements or omissions of facts constitute
      Federal Criminal Violations.  See U.S.C. 1001 and 15 U.S.C.
      78ff(a).

Note:  File three copies of this Form, one of which must be
manually signed.  If space is sufficient, see Instruction 6 for
procedure.






















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