Clate, “trash†might mean people who are not ready to buy right now. Then again, it could be recognition that the probability they'll ever buy exceeds the cost of “nurturing†them. I'm sure you'll agree that there are actual dollars, or fractions of, in nurturing any relationship.
Example: The primary reason e-mail spam continues is its ridiculously low cost. If the average spammer had to pay even a penny for each e-mail, you'd find those lists of millions of people who “may buy someday†chopped down to eliminate those with minimal likelihood of purchasing, which is what I believe Joanne Black is saying. (Please don't take this as equating marketing and spam).
In my opinion, the determination between “trash†and “leads†is the cost of additional contact.