A group of investors has raised its stake in Doral Financial on a belief that the San Juan, Puerto Rico, company will prevail in its effort to claim a $230 million tax refund from the territory's government.

Attiva Capital, Bluestone Financial and two individual investors disclosed in a regulatory filing last week that they increased their stake in the $8 billion-asset company to nearly 9% from roughly 7.4% after a judge ruled that Doral was entitled to the refund. Puerto Rico's Treasury Department has said that it plans to appeal the ruling. The group also touted Doral's "quick steps" to sell noncore assets and raise liquidity levels.

The investors, however, had harsh words for Puerto Rico Gov. Alejandro Garcia Padilla, urging him to abide by the judge's decision.

Padilla "has to do whatever it takes to rebuild confidence," in the government, the filing said. "To attract large foreign direct investment from Asia, Latin America and Europe, Governor Padilla [has] to show respect and make sure we are all playing by the rules. No tricks."

The group, which is known for using pop culture references including Alicia Keys and Ricky Martin in its filings, opted this time to quote James Madison while addressing Padilla. "The accumulation of all powers, legislative, executive and judiciary … is the very definition of tyranny," the filing said.

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