-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ROdjpinnzHBEnx6ZnZdg5b5qH0L22NDcDq/A0QnVMLeOZX3j/IsnofEFqB9dheol
 d9cVAStkzykAq94L7Wzo9Q==

<SEC-DOCUMENT>0001181431-10-054511.txt : 20101109
<SEC-HEADER>0001181431-10-054511.hdr.sgml : 20101109
<ACCEPTANCE-DATETIME>20101109191636
ACCESSION NUMBER:		0001181431-10-054511
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20101105
FILED AS OF DATE:		20101109
DATE AS OF CHANGE:		20101109

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HUGHES CARL A
		CENTRAL INDEX KEY:			0001215646

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34663
		FILM NUMBER:		101177806

	MAIL ADDRESS:	
		STREET 1:		TWO BRUSH CREEK BOULEVARD
		STREET 2:		SUITE 200
		CITY:			KANSAS CITY
		STATE:			MO
		ZIP:			64112

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INERGY HOLDINGS, L.P.
		CENTRAL INDEX KEY:			0001228068
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-NONSTORE RETAILERS [5960]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		TWO BRUSH CREEK BLVD.
		STREET 2:		SUITE 200
		CITY:			KANSAS CITY
		STATE:			MO
		ZIP:			64112
		BUSINESS PHONE:		816-842-8181

	MAIL ADDRESS:	
		STREET 1:		TWO BRUSH CREEK BLVD.
		STREET 2:		SUITE 200
		CITY:			KANSAS CITY
		STATE:			MO
		ZIP:			64112

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INERGY HOLDINGS LLC
		DATE OF NAME CHANGE:	20030418
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd290481.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-11-05</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0001228068</issuerCik>
        <issuerName>INERGY HOLDINGS, L.P.</issuerName>
        <issuerTradingSymbol>NRGP</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001215646</rptOwnerCik>
            <rptOwnerName>HUGHES CARL A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>TWO BRUSH CREEK BOULEVARD, SUITE 200</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>KANSAS CITY</rptOwnerCity>
            <rptOwnerState>MO</rptOwnerState>
            <rptOwnerZipCode>64112</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>SVP Business Development</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1919206</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>90000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>556930</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Units</value>
            </securityTitle>
            <transactionDate>
                <value>2010-11-05</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>53482</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Disposed of pursuant to the First Amended and Restated Agreement and Plan of Merger, dated as of September 3, 2010 (the &quot;Merger Agreement&quot;), by and among Inergy, L.P. (&quot;Inergy&quot;), Inergy GP, LLC, Inergy Holdings, L.P. (&quot;Holdings&quot;), Inergy Holdings GP, LLC, NRGP Limited Partner, LLC and NRGP MS, LLC, in exchange for 762,650 Class B units in Inergy and 1,143,974 common units representing limited partner interests in Inergy on November 5, 2010.  Any fractional units of Inergy will be paid in cash.  On the effective date of the merger, the closing sales price of Holdings common units on the NYSE was $30.71, and the closing sales price of Inergy common units on the NYSE was $39.95 per unit. (Continued in footnote 2).</footnote>
        <footnote id="F2">The Class B units will convert automatically into Inergy common units on a one-for-one basis, with 50% of the outstanding Class B units converting into Inergy common units following the payment date of the fourth quarterly distribution following the closing of the merger and the remaining outstanding Class B units converting into Inergy common units following the payment date of the eighth quarterly distribution following the closing of the merger.</footnote>
        <footnote id="F3">Mr. Hughes is the trustee of the Carl A. Hughes Revocable Trust.</footnote>
        <footnote id="F4">Mr. Hughes is a trustee of the Carl A. Hughes 2005 Grantor Retained Annuity Trust, dated 3/31/05.</footnote>
        <footnote id="F5">Disposed of pursuant to the First Amended and Restated Agreement and Plan of Merger, dated as of September 3, 2010 (the &quot;Merger Agreement&quot;), by and among Inergy, L.P. (&quot;Inergy&quot;), Inergy GP, LLC, Inergy Holdings, L.P. (&quot;Holdings&quot;), Inergy Holdings GP, LLC, NRGP Limited Partner, LLC and NRGP MS, LLC, in exchange for 69,300 common units representing limited partner interests in Inergy on November 5, 2010.  Any fractional units of Inergy will be paid in cash.  On the effective date of the merger, the closing sales price of Holdings common units on the NYSE was $30.71, and the closing sales price of Inergy common units on the NYSE was $39.95 per unit.</footnote>
        <footnote id="F6">Includes Holdings restricted units granted under the Inergy Holdings, L.P. Long Term Incentive Plan, as amended.  These Holdings restricted units were converted pursuant to the Merger Agreement.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Michael K. Post (attorney-in-fact) for Carl A. Hughes</signatureName>
        <signatureDate>2010-11-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----