To be honest here, I asked Majkp if Wraith could be involved. While it is true Bundschuh have no love of either side, I just don't see them sitting it out either. I think Wraith could play a small part of simply running hit and runs on BOTH sides. We want the government crippled to the extent that we can seize control and turn it into the government we think it should be, but we don't want Corsairs taking control.
Basically we wouldn't be present in any large scale battles until they are almost over. I'd see Bundschuh sitting by hiding in a nearby cloud, or behind a planet and wait until both fleets cripple each other to the point where Bundschuh can come in and attempt to kill off the stragglers, or just cause as much damage as possible.
At first Bundschuh would play a role in striking at all RM presence in Frankfurt, which weakens the defenses for the Corsair invasion. As invasion goes on, we would strike at both, and then if/when Corsairs gain control, we'd see to it that their hold on Frankfurt won't be an easy one.
Wraith wouldn't be present in Dresden, and activities in New Berlin would be minimal. We'd mostly stick to Frankfurt. In this fight, Wraith is supposed to be a nuisance, not one of the factions vying for control, and I'd be sticking to that. We don't have any bombers, just two Sabres (Tank's Wraith might be a bomber, but we have only 2 ships total at this point) so we can't really do anything to people but harass, as capships are mostly beyond us.