Alex Y
The oldest Pirate will take 98 coins for himself, and offer 1 coin each to the third and fifth oldest, who will accept that offer, knowing that they will get nothing if they vote to throw the oldest overboard, as Larry showed in his latest post.

Here is the decision tree they all consider. In each case, the rational choice is made considering what each pirate would get on that line versus what they would get if they vote against the then-oldest pirate, and get what is offered on the line above.