The first phase goes as planned.
The Wargods disable and disarm a Deimos and an Aeolus and use them to fake transmissions with their AWACS to lure in the Carthage. If you're good enough you can even safe the station that was attacked by them.
When the Carthage arrives one of the disabled ships manages to send a message to them telling them they are lost and the Admiral should escape, which she does.
Then the Carthage crashjumps, but is snared by Saturns garvity and apperently strands there.
Now we jump into the next mission, were the Indus and a Sanctus try to lure out the enemy escorts, but the Tevs don't bite, so it becomes a frontal assault (with the other Karunas jumping in). The original plan being that the Indus lures all Deimos out and the rest of the wargods jumps in to flank them.
Due to the AWACS' jamming the GTVA ships can't use their heavy beams, though their slashers still work.
You take out the first pair of Deimos or force them to retreat with little problem after defending against numerous attacks from bombers and one SSM team.
When you go up against the 2nd Deimos team, they overcharge their beams and you have to take them out before the countdowns reaches 0 or ... (or what? I don't know, so far I always managed).
A nice feature is, that if you take out the beams that face your caps, the Corvetes roll to bring the other beams to bear.
After you make them retreat or destroy those two (along with a Leviathan and Aeolus) the group advances on the Carthage, and it seems as you won.
But then somehow the AWACS get's tagged and the Carthage splashes it (from a beam turret with massively increased hitpoints, to make sure she can get this story-imperative shot off).
Then all goes to hell.
The Imperieus, which was believed to be in Delta Serpentis for repairs, but which was really hiding out somewhere in the asterious belt, jumps in and wastes two Karunas, with a little firesupport from the Carthage.
The Indus and a second ship manage to get out of beam range, but the second ship loses their jumpcapability.
In a heroic act they tell the Indus to flee without them and turn around to buy time for their escape, but they are destroyed before even landing a single hit in a very emotional cutscene with great, sad music.
The rest is in the next mission file, so you should be able to watch that yourself from the Techroom.
Edit: Fixed some typos